Dramatic reduction of Greek stores and staff

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06:24 Tuesday
3 May 2022 INSIDER • GOAL • IN-CYPRUS • PROPERTY • CYPRUS-IS • KARIERA LIKE • GOING OUT • XRYSES SYNTAGES • ACTIVE • PHILGROUP ΕΙΔΗΣΕΙΣ & nbsp; SOCIETY & nbsp; INSIDER & nbsp; OPINIONS & nbsp; GOING OUT & nbsp; CULTURE & nbsp; SPORTS & nbsp; AUTO & nbsp; GOOD LIFE & nbsp; USEFUL & nbsp; PRINTED EDITION & nbsp;

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Next Dramatic reduction of Greek stores and staff

& nbsp & nbspTheano Thiopoulou & nbsp; & nbsp;

The interests of its shareholders, who have been receiving a dividend for about 10 years, the squeezing of profitability and the increase of the cost-to-income ratio, are being managed by the top management of Elliniki and in this context the business plan that has been taken into account is moving. of the Ministry of Labor and provides & nbsp; reduction of staff by 300-350 people, with the process of redundancy, according to bank sources. Already yesterday, the ETYK, SEK and PEO unions were informed by letters from the bank's management about the transformation of the banking organization and the & nbsp; Elliniki calls on the unions to consult in view of the implementation of the plan, which includes, among other things, closing of branches, automation of procedures and digitization of the bank.

According to information from “F”, the bank is expected to close about 10 branches by the end of the year, bringing the total to about 20 (10 have been closed) and therefore the shrinking of the network means a reduction of staff. Bank sources have stated that the goal is to reduce staff by 50% by 2026 and be limited to 1,300 people. According to the annual financial report, at the end of 2021 the group employed 2,760 people and the bank 2,617 people. The big challenge, according to the bank's circles, is to deal with the rising cost-to-income ratio, at a time when interest income is falling steadily mainly due to low interest rates due to the ECB's monetary policy. In fact, as noted by the bank's circles, the shareholders have been receiving a dividend for about 10 years and something must be done with the rationalization of expenses and the extension of a sustainable development of the banking organization.

This move does not caught ETYK unexpectedly as in the previous period there were relevant announcements about the intentions of the management of Hellenic Bank. They were preceded by & nbsp; Statements by the bank 's chief executive, Oliver Gatzke, on the challenges facing the bank and the banking system due to profit pressure in relation to the cost side. In the presentation of the annual results 2021 on April 21, he had stated that the bank intends to proceed with 300 to 350 surpluses this year, due to the implementation of the bank's transformation plan, which aims to ensure that the bank will remain competitive in the long run. & Nbsp;

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