Ceska sporitelna reduced its staff by 15.4% y-to-y in 2001, to 11,958 employees. Yesterday the bank reiterated its year-end 2002 target of 10,800 employees, implying a 9.7% cut. As CS plans an average 10% growth of its per-employee cost this year (and in 2003), we expect almost stable personnel expenses in 2002. Neutral.
(Jan Hajek)