Greece’s Alpha Bank has opened a voluntary redundancy offer to reap cost savings by cutting down 15% of its workforce under a restructuring plan approved by the EU Commission.

The bank intends to lay off about 15% to 20% of its total workforce of about 10,000, according to Reuters.

An official at Alpha bank stated, "The bank launched a voluntary separation scheme on Monday to rationalise staff numbers after the absorption of Emporiki Bank. The scheme is open to all staff and expires on Sept. 30."

Similar restructuring schemes have been undertaken by all four of the country’s top banks including Alpha’s bigger rivals -National Bank, Piraeus and Eurobank.

Piraeus cut off about 12% of its workforce through a voluntary redundancy scheme in September 2013, whereas Eurobank shed more than 10% of its workforce through a voluntary scheme in November 2013.

Similarly, over 2,000 people signed up for a voluntary redundancy scheme at Greece’s biggest lender, National Bank which aimed to achieve cost savings by laying off about 15% of its workforce.

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