Leumi CEO Our main challenge is streamlining

Rakefet Russak-Aminoach told shareholders that voluntary early retirement for veteran employees brings more significant results.

"The main challenge that we need to face is streamlining. Leumi's ratio between expenditure and revenue is not good and because of this we have announced a streamlining plan," said Bank Leumi (TASE: LUMI) CEO Rakefet Russak-Aminoach today the shareholders' meeting this morning at the bank's Tel Aviv headquarters.

Last year the bank unveiled a plan to reduce the workforce by 800 before the end of 2014. Russak-Aminoach stressed that the employee reductions will be achieved voluntarily through early retirement and not by firing temporary workers.

She said, "We decided to upgrade and deepen the streamlining. Consequently we set aside NIS 323 million last year for promoting voluntary early retirement programs. Reducing the work force by a fall in the number of veteran employees brings more significant results in streamlining."

Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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