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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
1,229 jobs Number of planned job losses
Announcement Date
1 February 2013
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2013
Description
The Bank of Cyprus announced that 229 people are made redundant through early retirement, in the framework of the ongoing restructuring plan.
The job cuts are effective immediately and the reorganization will be completed by March the latest.
This plan reduces the number of employees in Cyprus by 6.4% and its annual wage cost by 8.5%. It should be noted that the Bank of Cyprus is expected to participate in the recapitalisation plan of the Cypriot banking system.
The group has recently restructured its subsidiary in Greece, resulting in approximately 200 job losses (see here).
Update 30-04-2013: The Bank of Cyprus (BOCY) is preparing a voluntary early retirement plan for its employees as well as for Laiki Bank's employees (which is to be merged with BOCY). The details of this plan, which could concern up to 1,000 employees in total, have been the subject of a meeting between the Ministry of Finance and the Cyprus Union of Bank Employees (ETYK) held on the 29 of April 2013 during which the union submitted its proposals. More precisely, ETYK is demanding pension rights not to be influenced from an eventual haircut of the employees pension fund, due to recent decisions imposing the participation of depositors in the recapitalization of the Cypriot banking system.
Sources
30 April 2013: Stockwatch
30 April 2013: ETYK (press release)
1 February 2013: Kathimerini
1 February 2013: Stockwatch
Citation
Eurofound (2013), Bank of Cyprus, Internal restructuring in Cyprus, factsheet number 74869, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74869.
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