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Report: 400 Bank Leumi staff to retire by 2019-end

Bank Leumi le-Israel BM said 400 employees will leave the bank by the end of 2019, compared to the initial 250 figure, as the Israeli lender brings forward and expands its early retirement program, Globes reported.

The demand for the program has been very high due to the beneficial terms being offered and Bank Leumi has agreed to let a maximum of 800 employees retire early by 2020-end, according to understandings between the lender's management and workers committee.

Outgoing CEO Rakefet Russak-Aminoach agreed to the cuts and also approved the transfer of the lender's headquarters to Lod from Tel Aviv, according to the Sept. 8 report.

The Leumi group had 9,740 employees as of 2018-end, of whom 8,637 worked at Bank Leumi.