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Alpha Bank Sheds 21% of Staff Via Voluntary Exit Plan

alpha bankGreece’s fourth-biggest bank, Alpha Bank, announced on Monday that approximately 21% of its 10,000 employees will enter a voluntary exit plan that was launched last month, aiming to cut costs.
Alpha Bank’s target is to cut 15% to 20% of its workforce in order to reduce its cost base under a restructuring plan approved by the EU Commission.
According to Alpha Bank, the redundancy scheme expired on September 30, while 2,200 employees participated in the plan.
All four major Greek banks have been under a restructuring plan. Alpha Bank’s bigger opponents, National Bank of Greece (NBG), Piraeus Bank and Eurobank, completed similar job cutting schemes last year.
Piraeus Bank shed approximately 12% of its staff via a voluntary redundancy scheme in September 2013, while more than 10% of Eurobank’s employees entered a similar scheme in November last year.
In December, more than 2,000 employees signed up for a voluntary redundancy scheme at NBG, aimed to reduce its staff by 15% in order to cut costs.

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