Athens-based lender Piraeus Bank this week said a restructuring plan – with an aim to significantly lower operating costs – includes a reduced workforce, fewer branches around the country and a de-investment from non-banking activities.
The target is for operating costs to fall under 1.1 billion euros by the end of the year. By comparison, operating costs for 2016 reached 1.17 billion euros, with a 5-percent reduction targeted for the current year. The bank is reportedly waiting to calculate how much money it slashed from operating costs by implementing a voluntary early retirement plan in 2016.
Other reports point that the plan is still in effect, although in an unofficial manner.
The target, in terms of bank branches, is for Piraeus’ outlets to reach, at maximum, 650 by the end of year, which would mean a reduction of 10 branches.
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