It has become clear from the financial reports of Israel's banks that about 3,500 jobs have been cut in the past three years. In 2014 alone 1,600 jobs were cut.
An examination by "Globes" found that over the past three years Bank Hapoalim (TASE: POLI) has shed 1,060 employees, Bank Leumi (TASE: LUMI) 906 employees, Israel Discount Bank (TASE: DSCT) 1,379 employees and First International Bank of Israel (TASE: FTIN) 140 employees. In total Leumi, Hapoalim and Discount's work forces have fallen by 3,117 employees over the past three years to 45,400 employees. Mizrahi Tefahot Bank (TASE:MZTF) has actually hired more employees.
Nor have the cuts ended. Leumi announced in its fourth quarter results that it is cutting 1,000 more employees over the next three years. Hapoalim is expected to cut 600-700 jobs over the next two years.
However, all this streamlining of staff has not lowered the banks monthly salary costs.
Published by Globes [online], Israel business news - www.globes-online.com - on April 1, 2015
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