"Broker Cluj" may convert most of its branches into agencies

• Brokerage firm looking to reorganize 9 out of its 11 branches

• Management to decide on the fate of the Bucharest and Oradea branches

Ştefania Ciocîrlan

Nine of the total eleven branches of the brokerage firm "Broker" Cluj could be converted to agencies, as part of the company"s reorganization program, said Anton Ionescu, the chairman of the brokerage firm. In the second stage program, the management of the company will decide whether the last remaining branches, (Bucharest and Oradea) will keep their current status or not. The officials of the company say that the plan is intended to streamline the company"s operations and cut extraneous expenses.

"We have talked to the branch directors, and they were all in favor of the reorganization plan, and it will be up to them to decide what"s going to happen to the employees of their agencies", Mr. Ionescu said, in our statement for our newspaper.

According to him, efficiency will be the main criteria that the company will keep in mind when determining the employee structure of the various agencies.

"An agency can work fine with just one agent, but most likely there will have at least two", Mr. Ionescu said, who continued: "The remaining employees may continue to work for the company as contractors, and be paid on commission. A third option for extraneous employees will be operating as Registered Individual Trader (PFA), based on a contract with the company".

Even though details of the restructuring plan are still being discussed, "Broker" officials said that on June 1st, they would begin the necessary procedures on June 1st.