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

500 jobs
Number of planned job losses
Job loss
Announcement Date
30 June 2021
Employment effect (start)
30 June 2021
Foreseen end date
19 July 2021


Piraeus Bank has announced a new plan for voluntary redundancies for its employees. Applications started from 30 June 2021 and finished on July 19. The plan targets the exit of 500 employees at a minimum. Employees having at least 3 years of continuous service  (until June 17, 2021)  have the right to apply.

The new programme provides two choices: The immediate departure of employees or the departure after receiving two-years paid leave. The amount of the lump sum compensation is calculated according to various criteria such as: age and length of service, unit of work, job position, number of children. In the main package, severance compensation of a minimum of 20,000 euro and a maximum of 180,000 euro are envisaged. The bank retains the right to accept or not the application for the voluntary withdrawal.



Eurofound (2021), Piraeus Bank, Internal restructuring in Greece, factsheet number 105177, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/105177.