EMCC European Monitoring Centre on Change

Piraeus Bank

Piraeus Bank

Geographic Location

Country: Greece


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 12067
Group: Piraeus Bank Group

Employment Effects

Announcement Date: 15-07-2019
Planned Job Reductions min: 2000
Planned Job Reductions max: 2000
Type of Restructuring: Internal restructuring
Employment Effect Start: 15-07-2019
Other Job Reduction Measures: 2000

Additional Information

The banking group Piraeus Bank has announced a new plan of voluntary redundancies. The applications started on 15 July and finishes on 16 August. The restructuring plan provides for compensation up to €160,000. It targets any employee who wishes to participate, under the condition that the employee has completed a full continuous service of three years in the group. There is not a specific number of employees who will exit, but it is estimated that about 2,000 employees will participate. This programme is only a part of a total project of voluntary redundancies in Piraeus Banking Group for the period 2019-2021, aiming to reduce its operating costs at least by €150 million. Piraeus Bank intends to the total exit of about 5,000 employees by the end of 2021.