Rietumu cuts staff by 15% this year

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Rietumu banka - one of Latvia's banks specializing in serving non-resident clients, has cut staff numbers by about 15% in 2018, and now the bank employs about 600 people, the bank's press secretary Eleonora Gailiša told LETA.

"Logically, this is due to the decision to eschew serving higher-risk clients. At this moment, cutting staff numbers has been mostly concluded," she said.

She said that Rietumu expects the bank will be successful in shifting its business model. Gailiša was adamant in saying that the bank does not see it could undergo self-liquidation, which is what the ABLV Bank did after it was hit by US sanctions.

Rietumu Banka closed 2017 with a profit of €33.034 million, which is 2.4 times less than in 2016, according to the unaudited annual financial statements.

The profit of Rietumu Group last year shrank 2.5 times year-on-year to €33.494 million.

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