August 22, 2013 / 8:58 AM / in 4 years

Raiffeisen Bank Int'l plans "painful" cost cuts-CEO

VIENNA, Aug 22 (Reuters) - Raiffeisen Bank International AG is drawing up a catalogue of “painful” cost cuts that will include forced layoffs, Chief Executive Karl Sevelda said on Thursday.

He declined to go in to details before the plan, being prepared by an internal task force, is presented to its supervisory board and staff in late September, he told reporters.

He said his bank was not in talks with any Arab sovereign wealth funds about taking a stake in RBI as a way to help it boost its capital ratios. (Reporting by Michael Shields)

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