Stockbroking companies face threat of layoffs
Stockbrokerages are mulling the idea of resorting to rotating staff schedules due to the halt in stock market trade since last Monday.
Bourse officials stress that the Athens Exchange will not reopen before the banks do as the lenders are essential for the clearance of transactions.
The 35 stockbroking firms are already considering having only a portion of their employees coming to work for a few hours per day as of Monday, rotating with their colleagues during the course of the week. If the market’s closure extends beyond two weeks and the companies have no revenues, then employees will be given forced leave. If the situation deteriorates and the market remains closed for three or four weeks, then there will likely be some layoffs, too.
There are currently some 600 employees at stockbroking companies, down from some 5,500 staff at the 90 companies that operated in 2009. The sector has shrunk dramatically and is now bracing for a further contraction.
