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Greek Banks to Get Rid of 20,000 Employees

Twenty thousands employees are at risk of losing their jobs due to the bank mergers. According to daily Ethnos, excessive personnel will see the exit door, regardless of the position they hold in the hierarchy scale. The aim of the lay-offs is to compress operating costs down to a minimum.

Greek bankers estimate that with the completion of the mergers, the managements of the new credit institutions will have to shrink the new network and remove the excessive workforce – gradually and in depth of two years, that is 2015. The scheme foresees the bank will get rid of personnel through voluntary exit, early retirement and simple lay-offs.

20,000 bank employees will be at job risk. Currently there are 56,000 people working at the banks of Greece. 450 branches are expected to close down after the mergers are concluded.

Bank mergers have already started and recapitalization of the banks is scheduled to be concluded by April 2013.

Ethnos does not say, if the mergers will affect also employees working in Greek bank branches abroad.

PS My coffee cup reads the number of unemployed in Greece to increase up to two million people by 2015 – if one considers the lay-0ffs in the public sector and the dramatic situation in the private economy.

See also: Are the banks behind the Labour Middle Ages?


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  1. At the rate it is going, it will be like 1950 as my neighbor told me there was one bank in most every town only, and imagine the wait in line.

    • what’s the problem with standing in line? let everybody do online banking.
      or do we have double standards here?

  2. Well, the older Greeks I know, and me too prefer the old fashion way. I don’t trust those online banks. I like to speak to the teller and chat a bit, and at my small Greek bank so far, I can. But, if it’s just one big NBOG in every town, it will be hours waiting for us who don’t want to do online banking.

    • keeptalkinggreece

      what??? you resist to innovation?

      • As a principle, yes I believe in Innovation. But, if I choose to not want to use it myself, that’s my choice. I am one who doesn’t like to use a Kindle (I read books), I don’t like to “Press one to speak to another robot”, I press ZERO and get the operator, or one to use online banking, or even an ATM, as I like the human contact.

        But, I certainly support others who want to. For me the best existence will be in a few years to move to Ikaria and live out my days tending to my vegetable garden with the other Centurions.