Bank Leumi (TASE: LUMI) will terminate the employment of 150 contract workers at its operations and computer division. The bank will notify the employees' companies about the measure in a few days.
The reduction in positions is due to the NIS 75 million reduction in Bank Leumi's development budget, 15% of the division's 500 million budget.
Bank Leumi said, "Development needs are set in accordance with the strategic plans, and operating directions are set by the bank's board of directors and management, with resources allocated accordingly."
Bank Leumi has been carrying out an extensive streamlining plan in the past two years, a large part of which is in the operations and computer division. The bank cut the division's budget by NIS 100 million in 2013, and terminated the employment of 200 of the division's contract employees. Within two years, the division's staff will be reduced by 350 people, over 15% of its staff. The division currently has 1,200 employees, 800 of whom are contract employees.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2014
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