Greek banks looking to cut staff by 5000 by the end of the year

Following the success of Piraeus Bank’s voluntary redundancy scheme, to which nearly 2200 employees agreed – representing 12 per cent of the bank’s total workforce – Greece’s other systemic banks will reportedly follow suit imminently.

It is estimated that by the end of the year, about 5000 banking sector employees will sign up to voluntarily leave their jobs.

Greek banks are currently facing restructuring and are desperately trying to cut costs in order to secure their long term futures in terms of capitalisation and liquidity.

As a result, bank employees will be offered rewarding deals to leave their jobs voluntarily. Employees close to retirement are the main target of such schemes.

Reports suggest the National Bank of Greece is looking to cut staff by nearly 2000, offering incentives for voluntary redundancy to nearly 15 per cent of its employees.

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