Bank Leumi (TASE: LUMI) is mulling a streamlining plan, reports "Bloomberg." Under the five year plan, 1,000 jobs would be cut over the next year. In addition, 100 jobs would be cut in each of the four following years, probably through natural retirement.
Bank Leumi has about 10,000 employees so a 10% workforce cut is involved.
Leumi has reportedly submitted its streamlining plan to the Bank of Israel as required by the Supervisor of banks.
A Leumi spokesperson told "Bloomberg," "Leumi is formulating an efficiency plan. The deliberations are still ongoing. Any job-cutting plan must also get approval from Leumi’s workers union."
Last year Bank Leumi CEO Rakefet Russak-Aminoach told a press conference that the bank planned cutting 1,000 jobs by the end of 2017.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2016
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