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The Greek banks are preparing a large reduction of their staff by the end of 2013 as reported by Naftemporiki newspaper. Over 3,500 bank employees will lose their jobs in order for the Greek financial sector to shrink to healthy levels. The cuts of staff will take the form of voluntary redundancy.
    Eurobank, whose plan for voluntary redundancy will be considered tomorrow by the financial stability fund, will cut 700 people. Spiros Latsis’ former bank has passed under the control of the fund after being unable to raise the required private capital for recapitalization. However, the goal of its new managing director, Christos Magalou, is to return Eurobank into the fold of private banks.
    Another large private bank, namely Alpha Bank, is planning to cut another 800 people. In November, the National Bank of Greece will take this step too which, on the recommendation of the European Commission on Competition, should have cut over 2,000 employees months ago. The small and stable Attika Bank will also have to reduce its staff by 100 people. Piraeus Bank has recently announced that it is going to cut 2,182 people, or 12%, of its staff as well.
    Post Bank, which is now merged with Eurobank, has cut another 615 people.