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Bank of Cyprus to cut workforce by a quarter
August 2, 2013 / 2:01 PM / 4 years ago

Bank of Cyprus to cut workforce by a quarter

NICOSIA, Aug 2 (Reuters) - 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 percent.

The Cypriot lender, which recently imposed a bail-in on depositors, forcing the conversion of 47.5 percent of savings exceeding 100,000 euros 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 euros in aid from international lenders included the bail-in of depositors in Bank of Cyprus and the winding down of Laiki, Cyprus’s second-largest bank. (Writing By Michele Kambas; editing by Tom Pfeiffer)

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