Leumi expands early retirement plan

Bank Leumi Photo: Eyal Izhar

400 staff will leave by the end of 2019 and 800 by the end of 2020.

Bank Leumi (TASE: LUMI) is bringing forward and expanding its early retirement program so that by the end of 2019, 400 employees will leave the bank rather than just 250.

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.

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

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Bank Leumi Photo: Eyal Izhar
Bank Leumi Photo: Eyal Izhar
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