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38,000 employees to “voluntarily exit” Greece’s systemic banks

The landscape of Greece’s four systemic banks is set to change  as 38,000 bank employees will have to make important and difficult decisions about their future: they will have to voluntarily join the exit programs and seek other job opportunities elsewhere.

The outsourcing of non-performing loans and the development of technology and online services are expected to bring significant reductions to bank branches over the next two years.

At present, the four Greek systemic banks have 1,870 branches and, according to industry analysts, they are expected to be left with maximum 300 branches for each bank.

At the same time, voluntary exit programs are underway, which will result in a large reduction in banking jobs.

By 2021, about 10,000 bank employees should have left. The new programs are more targeted, and the maximum compensation amounts are decreased.

According to daily, the Eurobank offers upper compensation cap 160,000 euros (from 180,000 euros). The bank also has a special program for employees over the age of 55 who will receive an increased compensation of 250,000 euros.

Reports about the suggest at least 5,000 departures by the end of 2021. The bank, which will soon announce its own voluntary exit program plan, is expected to have about 2,000 employees leaving this year.

About 500-600 people are expected to leave on a voluntary basis from Alpha Bank.

The National Bank aims to bring its total staff, from 10,294 employees at the end of 2018 (along with National Insurance employees) to 7,000 at the end of 2021. The compensation range starts from 20 monthly gross salaries for 30-year-olds with 3-10 years of service and up to 30 salaries for 55-year-olds and over 35 years in the bank. In addition, for workers aged 50 to 54 the basic compensation is increased by an additional 30%.

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