trending Market Intelligence /marketintelligence/en/news-insights/trending/sxjqojhdox8ztflrrxehiq2 content esgSubNav
In This List

Report: GetBack eyes staff layoffs as part of restructuring plans


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Banks’ Response to Rising Rates & Liquidity Concerns

Report: GetBack eyes staff layoffs as part of restructuring plans

Several hundred GetBack SA employees could part with the company as a result of its planned restructuring, Parkiet reported May 12.

No job-cut decisions have yet been made, although a restructuring proposal, recently filed with the court, provides for the optimization of operating costs, and various scenarios are being analyzed, the Polish debt collector's press office told the newspaper. The reduction of operating costs is to be implemented in stages by Sept. 30.

The restructuring proposal includes the reduction of employment costs to 49.8 million Polish zlotys per year. Taking into account that the costs stood at 66.6 million zlotys after the first half of 2017, the layoffs could affect up to 900 people, according to Parkiet's calculations. As of the end of the first half of 2017, the company employed 1,444 people.

The potential job cuts could impair GetBack's operations, and the company may consider the sale of some of its debt portfolios, the newspaper said, citing local analysts. Other Polish debt collectors, including KRUK Spólka Akcyjna, Best and Gielda Praw Majatkowych Vindexus Spolka Akcyjna, already expressed interest in potential purchases of GetBack's portfolios, the newspaper noted.

As of May 11, US$1 was equivalent to 3.57 Polish zlotys.