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Eurobank officials send message by taking cut in salaries

By Yiannis Papadoyiannis

Senior Eurobank officials have heeded Chief Executive Christos Megalouís proposal to reduce their salaries, aiming to send a strong message of resolve that they are determined to continue in their cost-cutting efforts so as to see the lender return to profit as soon as possible. Officials from the bank will travel to the US today for meetings and presentations ahead of Eurobankís share capital incease.

According to sources, Megalouís salary, which constitutes a ceiling for the bankís pay structure, will drop 17 percent on an annual basis. The salary cuts will affect general directors, members of the bankís strategic planning and executive committees as well as other officials of the lender and its subsidiaries.

The decisions to cut pay came exclusively from the groupís management and, according to Eurobank sources, the move does not simply reflect a desire to reduce costs but also senior bank officialsí commitment to and confidence in the state-controlled lenderís prospects and future course. The reductions in pay are not in any way connected to the groupís general policy on employee salaries.

The decision has been communicated both to the Hellenic Financial Stability Fund (HFSF), Eurobankís main shareholder, and the regulating authorities.

The reduction of operation costs has been the bankís main priority. In the first nine months of the year, Eurobankís operating costs went down by 7.2 percent on annual basis, which came from a 7 percent drop in operations in Greece and 7.7 percent abroad. Eurobank recently completed a voluntary exit program for 1.073 employees, which will entail an estimated 61-million-euro annual reduction in the groupís operating costs Ė 14 percent of the groupís operating expenditure in Greece.

ekathimerini.com , Tuesday December 10, 2013 (23:13)  
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