Can’t we please be in recovery mode by 2013?

Bayern Bank, the second largest state-owned bank in Germany, will lay off 5,600 workers from its 19,000 employees before 2013.

The bank’s decision to reduce its work force by 25 percent, announced Monday, was due to the effect of the global financial crisis on Bayern. The bank was one of Deutsche banks which had exposure to Lehman Brothers totaling $432 million (300 million euro). (AHN)

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