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

2,000 jobs
Number of planned job losses
Job loss
Announcement Date
15 July 2019
Employment effect (start)
15 July 2019
Foreseen end date


The banking group Piraeus Bank has announced a new plan of voluntary redundancies. The applications started on 15 July and finishes on 16 August. The restructuring plan provides for compensation up to €160,000. It targets any employee who wishes to participate, under the condition that the employee has completed a full continuous service of three years in the group. There is not a specific number of employees who will exit, but it is estimated that about 2,000 employees will participate. This programme is only a part of a total project of voluntary redundancies in Piraeus Banking Group for the period 2019-2021, aiming to reduce its operating costs at least by €150 million. Piraeus Bank intends to the total exit of about 5,000 employees by the end of 2021.



Eurofound (2019), Piraeus Bank , Internal restructuring in Greece, factsheet number 98169, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98169.