Bank of Cyprus to reduce staff by 11 pct

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Bank of Cyprus to reduce staff by 11 pct
 © FamagustaGazette 2019
Bank of Cyprus will reduce its staff by 11 percent under a voluntary early retirement scheme, the Cypriot lender said in a statement on Thursday. The bank has already approved 470 applications by employees who have more than five years in service and were due to retire in 2020 and beyond, said the statement. The scheme aims to reduce operating costs, though it would initially cost the bank 79 million euros to pay compensation to those who opted out. “Following the completion of this voluntary staff...


This article was automatically added to our system 1-11-2019

Bank of Cyprus to reduce staff by 11 pct


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