Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

1,000 jobs
Number of planned job losses
Job loss
Announcement Date
29 October 2020
Employment effect (start)
30 October 2020
Foreseen end date
18 November 2020


According to press reports, Piraeus Bank has announced a new plan for voluntary redundancies for its employees. Applications start from 30 October 2020 and finish on November 18.  The plan targets the exit of 1,000 employees out of a total number of 11,000 persons employed  in the bank’s domestic operations or  9% of the personnel. 

The new programme provides for a one-off severance amount equivalent to at least 20 monthly wages (for those under 39 years old)  of the gross salary of the employees, determined by criteria such as age, years of service, job location and role. It also allows those availing of voluntary departure to retain their health plan entitlements for another five years.



Eurofound (2020), Piraeus Bank, Internal restructuring in Greece, factsheet number 102229, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102229.