According to understandings between the bank’s management and workers committee, 700 staff will take early retirement by the end of 2020. However, demand for the early retirement terms has been so high that Leumi management has agreed to let a maximum of 800 staff take early retirement by the end of 2020 on the beneficial terms being offered.
Leumi Q2 profit climbs despite Leumi Card exit
As of the end of 2018, Leumi Group had 9,740 employees, of which 8,637 were employed by the bank itself. Thus the early retirement program involves a cut of nearly 10%.
Outgoing Bank Leumi CEO Rakefet Russak-Aminoach agreed the cuts as well as moving the bank’s headquarters from Tel Aviv to Lod.
Published by Globes, Israel business news – en.globes.co.il – on September 8, 2019
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Article source: https://www.globes.co.il/en/article-1001299850