Bank of Cyprus completes voluntary staff exit plan
NICOSIA: Bank of Cyprus Holdings Public Limited Company has announced the successful completion of a voluntary staff exit plan. The Plan is in line with the Group's digital transformation strategy aimed at achieving a lean operating model and a lower cost base over time. Through the Plan, c.4701 applicants have been approved to leave at a total cost of c.€79 million, expected to be recorded in the consolidated income statement in the fourth quarter. Following the completion of this voluntary staff exit plan, the number of employees is reduced by c.11%, with an estimated annual saving of c.€28 million or c.13% of staff costs.