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
4 November 2021
Employment effect (start)
5 November 2021
Foreseen end date
30 November 2021


According to Press reports, Piraeus Bank has announced a new plan for voluntary redundancies for its employees in the context of the implementation of the “Sunrise” project to transform and reduce operating costs in a context of digitisation of existing processes on the one hand and perceived overstaffing on the other.

The voluntary packages are considered by the bank to be generous with benefits of up to 180-200,000 euro, retention of many existing benefits – including health coverage extended for 5-10 years for staff and family members. In addition, early applicants – those applying within two weeks of announcement – were to receive an additional 5% bonus.

Applications will start from 5 November  2021 and will finish on 30 November. The plan targets the exit of 500 employees. Of these, 200 employees will come from  support services (data entry services units) that the Bank will split-off creating a new subsidiary which it will sell to a strategic investor. The remaining 300 employees are working in province branches where according to the Bank there is overstaffing.  



Eurofound (2021), Piraeus Bank , Internal restructuring in Greece, factsheet number 105526, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/105526.