Yesterday, Eurobank the third-biggest lender to Greece announced that it will shed about a tenth of its workforce through voluntary redundancy. This measure is taken in order to make it fit for privatization.
Eurobank is among the four Greek banks which were bailed out by the European Union and the International Monetary Fund. Until March 2014, the bank has to return to the private sector, either fully or partially.
The employees of Eurobank have a deadline of November 15 to say if they accept the deal. The deal contains a compensation package whose size depends on the years that they work in the bank.
The bank’s management stated that “the particularly critical economic conditions we’re all under in the last years, oblige us to further adjust the group to new realities.” The aim of the bank is to cut 700 jobs, about a tenth of its Greek workforce.
The voluntary exit is the only way that Greek firms reduce staff. Greece’s second-biggest lender, Pireaus Bank, also shed about 10% of its workers in September. According to sources, OTE and Hellenic Petroleum are also thinking of using voluntary exit in order to cut their staff.
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