Israeli lender Bank Hapoalim is reportedly planning to reduce its workforce by up to 700 positions in 2015-2016.
Hapoalim will cut off its workforce comprising nearly 12,700 employees by 300-350 employees in 2015 and the rest in 2016, reported Reuters.
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The decision is part of the bank’s programme that will include early retirement for some workers.
The bank has provisioned ILS 390m ($96.6m) in the fourth quarter to cover the costs of early retirement.
The efficiency measures are expected to slash Hapoalim’s expenses by ILS 80m-100m ($19.9m-$24.9m) in 2016 and ILS 150m-170m ($37.4m-$42.3m) in the following years.
The move follows two previous programmes in the past two years, each of which reduced manpower by more than 500 workers in the organization.
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