Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
According to Press reports, Alpha Bank has finalized a new plan for voluntary redundancies for its employees. Applications started from 17 September 2021 and finished on 1st October.
The objective of the restructuring is to renew its human resources in line with the bank's digital transition plan. The bank indicates that recruitment of new staff to executive positions with an emphasis on digital and IT sectors is happening at the same time as the voluntary redundancy plan.
The number of employees who have accepted to join the programme has exceeded 500 against a target set by the Bank of 350 to 400 employees. Bank management has indicated that headcount at the bank will fall below 6,000 following the restructuring and it will be the first 'systemic bank' in Greece to fall below this headcount threshold.
The largest number of those who have accepted the programme comes from the central services and concerns employees who are close to retirement. From this category of employees, those who are 1-2.5 years before retirement chose the three-year paid leave offered by the bank. The maximum amount of compensation for immediate departure the through voluntary exit programme is set at 150,000 euros, while it is increased for employees over 56 years of age who work in specific central departments and hold senior management positions.
Eurofound (2021), Alpha Bank , Internal restructuring in Greece, factsheet number 105542, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/105542.
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