Cyprus Mail

Banking sector has shrunk 20-25 per cent since 2013 crisis

Three years after the financial crisis and as Cyprus is due to exit its bailout programme at the end of this month, the banking sector has shed 2,000, or 20 per cent of its employees, plus 25 per cent of branches.

According to Phileleftheros, citing figures from the Bank’s Association, there are also plans for further reductions.

The stats show that in 2012 the total number of bank employees had reached 10,131. Today the figure is 8,250. In 2014, bank branches numbered 318, down from 431 in 2013, while co-operative branches fell during the same period from 417 to 296.

Bank of Cyprus plans further voluntary retirements to reduce its current numbers from 4,341 to fewer than 4,100 by the end of December 2017. However it has not yet garnered enough interest from employees and faces oposition from bank employees union ETYK over the terms of the package.

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