Polish Citigroup unit says plans $20 mln in layoff provisions

Reuters

WARSAW, Oct 22 (Reuters) - Polish Citigroup unit BankHandlowy plans to book 62.3 million zlotys ($20.4million) in layoff provisions in the fourth quarter as part ofits restructuring process, the lender said on Tuesday.

Handlowy wants to cut its workforce by up to 792 peopleuntil the end of October next year, planning to curb its networkby 19 branches and focus on larger Polish cities.

The Polish bank expects the restructuring to cut its costbase by around 100 million zlotys annually.

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