Austrian central bank will shut NY office in savings drive

New York: Austrian central bank to close US outpost

The National Bank of Austria plans to close its representative office in New York as part of an "optimisation" project that will see it cut expenses by €96 million ($106 million) over the next five years.

The office, on Park Avenue, will be closed by the end of 2018, alongside two regional branches in Graz and Linz, the second and third-largest cities in Austria.

Under the project, begun in June 2014, the central bank has already dissolved its department responsible for internal services and pla

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