BoC to slash staff numbers by some 15%

Bank of Cyprus will reduce its staff by over 500 employees by 2022 and is expected to close 20 of its branches, reducing the number to 60 in total.

During the presentation of its first-quarter results for 2022, the bank announced it would reduce costs by closing 25% of its branches and reducing its staff by 15%. According to the bank’s financial data, the group employs 3,395 people.

Bank of Cyprus Chief Executive Panicos Nicolaou noted that the group held its employees in high regard and discussions would first take place before redundancy procedures begin. He also stated that work had already begun on modifying the working structure of the bank using 15% fewer employees.

Questioned whether a voluntary exit plan would be offered to redundant employees, he responded that the Bank of Cyprus has proceeded with staff reductions so far only with voluntary redundancy plans.

Staff costs at the Bank of Cyprus amounted to 50 million euros for the first quarter of 2022, due to voluntary staff retirement plans, the renewal of the agreement with the bank employees union, and despite inflation in the year’s first quarter.