French-Belgian financial group Dexia estimated on Friday a net loss of three billion euro for 2008 and announced plans to lay off 900 employees, Reuters informs. In the press release, the company reads that its activities in Eastern Europe will be closed down or will be offered to partners. In Romania, Dexia runs a branch with 7 employees.

Dexia held 35,000 employees at the global level in 2007 and it estimated a net loss of 2.3 billion euro for 2008. In November Dexia officials announced plans to cut costs by 15% in the upcoming years. In Romania, Dexia is not present as a bank but as a branch, with seven employees conducting market research in an attempt to find potential clients.