Bank of Cyprus said on Friday that a quarter of its staff had applied for a voluntary retirement programme that would help cut its annual personnel expenses by about 35 per cent.
The lender, which recently imposed a bail-in on depositors, forcing the conversion of 47.5 per cent of savings exceeding e100,000 into equity, said 1,370 employees would be leaving the group.
“Successful completion of the voluntary retirement scheme is an important step towards the group’s restructuring,” the bank said in a statement.
Conditions attached to €10 billion in aid from international lenders included the bail-in of depositors in Bank of Cyprus and the winding down of Laiki, the island’s second-largest bank. (R)