Bank of Cyprus hits staff cut target for 2022

Bank of Cyprus announced the successful completion of its voluntary staff redundancy plan. Through the plan, approximately 550 employees have been approved for redundancy, with a total cost of approximately 99 million euros expected to be indicated in the consolidated statement of income in the third quarter. Upon completion of the plan, staff numbers will have been reduced by approximately 16%, with annual savings estimated at approximately €37 million, or approximately 19% of staff costs.

In addition, the group has reduced its number of branches by 20 since the beginning of the year, amounting to a reduction of 25%. The Bank of Cyprus currently has 60 branches in total. Through these two actions, the group managed to meet its target of reducing its staff by 15% and the number of branches by 25% before the end of 2022.

In total since June 2019, the group has reduced its staff by more than 1,300 people (a reduction of approximately 30%), and the number of branches by 37 (a reduction of approximately 40%).

According to the official statement, the plan is part of the group’s strategy to further improve efficiency.