From the all-time peak reached in late-2008, when banks operated 6,552 subsidiaries and agencies, the crisis led to the closing of almost 450 units that no longer justified costs on the lack of demand.
Many of the large banks shunned dramatic network overhauling, only moving some units toward better locations. Such moves were facilitated by falling rents and by some retailers’ giving up attractive locations on the prolonged recession.
In the case of medium or small-sized banks, especially among the ones that also coped with losses, the option was to close down a lot of units, mainly in small and medium-sized cities.
While networks have been adjusted, the banking system has managed to largely preserve its staff, including through personnel reallocation.
In the second quarter, the number of banking employees dropped by almost 90. From the 2008 peak, more than 4,800 people have left banks.
In 2005-2008 period, the banking system grew quickly, hiring almost 20,000 people and opening 3,000 units.
(English version by Catalina Apostoiu; Editing by Radu Bostan)