ECONOMY

Alpha Bank launches voluntary redundancy program

Greece’s fourth-largest lender, Alpha Bank on Monday announced that it is launching a voluntary redundancy program as part of cost-cutting efforts, the state-run Athens-Macedonia News Agency said.

Employees at the bank have until September 30 to apply for the program or face possible dismissal.

Workers on short-term contracts are not eligible for the program.

The lender hopes to shed 800 jobs through the program, reducing its payroll costs by some 15 percent per year.