EMCC European Monitoring Centre on Change

Alpha Bank

Alpha Bank

Geographic Location

Country: Greece


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 6250
Group: Alpha Bank

Employment Effects

Announcement Date: 17-09-2021
Planned Job Reductions min: 350
Planned Job Reductions max: 500
Type of Restructuring: Internal restructuring
Employment Effect Start: 17-09-2021
Other Job Reduction Measures: 500

Additional Information

According to Press reports, Alpha Bank has  finalized a new plan for voluntary redundancies for its employees. Applications started from 17 September 2021 and finished on 1st October.

The objective of the restructuring is to renew its human resources in line with the bank's digital transition plan. The bank indicates that recruitment of new staff to executive positions with an emphasis on digital and IT sectors is happening at the same time as the voluntary redundancy plan.

The number of employees who have accepted to join the programme has exceeded 500 against a target set by the Bank of 350 to 400 employees. Bank management has indicated that headcount at the bank will fall below 6,000 following the restructuring and it will be the first 'systemic bank' in Greece to fall below this headcount threshold.

The largest number of those who have accepted the programme comes from the central services and concerns employees who are close to retirement. From this category of employees, those who are 1-2.5 years before retirement chose the three-year paid leave offered by the bank. The maximum amount of compensation for immediate departure the through voluntary exit programme is set at 150,000 euros, while it is increased for employees over 56 years of age who work in specific central departments and hold senior management positions.