January 31, 2019 / 6:41 AM / in 6 months

Romanian banks could lay off 25 pct staff after surprise tax - report

BUCHAREST, Jan 31 (Reuters) - Romanian banks could lay off a quarter of all employees, or more than 10,000 people, after the government introduced a surprise tax on banks’ financial assets, a union leader was quoted saying by online news outlet Profit.ro.

The tax, part of a series of new levies introduced via emergency decree in December by the ruling Social Democrats without an impact assessment or public debate, is tied to money market rates and has hit Romanian asset prices.

“We have information that 25 percent of employees in the banking sector will be laid off if the decree that has introduced the asset tax remains unchanged,” Paraschiv Constantin, the head of the Insurance and Bank Unions’ Federation was quoted saying. (Reporting by Luiza Ilie, Editing by Sherry Jacob-Phillips)

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