BoC to introduce voluntary redundancy scheme for staff

Bank of Cyprus is introducing a voluntary redundancy scheme for staff to cut costs after assuming the assets of a rival lender under an international financial program for the island.

The bank, owned by its biggest clients after their uninsured deposits were seized and converted to equity to help its recapitalization, said the scheme would be open to all staff, including those at subsidiaries.

Bank of Cyprus staff numbers swelled to about 5,700 after it took on 2,400 from now-defunct Laiki Bank, the island’s second-largest lender which was forced to wind down after being hit by exposure to Greek debt.