A total of 942 bank employees have been made redundant, while 56 bank branches have closed and 62 ATMs have shut down across Cyprus in 2022, data from the Association of Cyprus Banks show.
Banking institutions are trimming down their operations, shifting many tasks to digital in an attempt to reduce costs.
Hence, voluntary staff exit plans and the closure of the RCB bank have led to a reduction in the number of bank employees from 7,463 in 2021 to 6,521 in 2022
Employees by bank in 2022:
- Bank of Cyprus – 2,567 (2021: 2,996)
- Hellenic Bank – 2,142 (2021: 2,610)
- Alpha Bank – 440 (2021:492)
- National Bank of Greece – 111 (2021:128)
- CDB Bank – 138 (2021: 148)
- Societe Generale Cyprus – 102 (2021:108)
- Astrobank – 444 (2021:464)
- Eurobank Cyprus – 435 (2021: 448)
- Ancoria Bank – 108 (2021:103)
The figures show that in 2021 the number of bank employees in Cyprus was 8,072, down from 8,347 in 2020. For comparison, in 2012, 12,853 people worked in banks. In the past ten years, bank employees decreased by 50%, as 6,332 people have left the job.
In addition to cutting down on staff, banks also closed several branches and ATMs.
Number of branches by bank in 2022:
- Bank of Cyprus – 90 (2021: 60)
- Hellenic Bank – 79 (2021: 55)
- Alpha Bank – 17 (2021: 15)
- CDB Bank – 2 (2021:2)
- Societe Generale Cyprus – 3 (2021:3)
- Astrobank – 14 (2021:14)
- Eurobank – 8 (2021: 8)
- Ancoria Bank – 3 (2021:3)
Number of ATMs by bank in 2022:
- Bank of Cyprus – 133 (2021:156)
- Hellenic Bank – 161 (2021:192)
- Alpha Bank – 12 (2021:20)
- National Bank of Greece – 5 (2021:5)
- CDB Bank – 0 (2021:0)
- Societe Generale Cyprus – 3 (2021:3)
- Astrobank – 15 (2021:15)
- Eurobank Cyprus – 0 (2021:0)
- Ancoria Bank – 5 (2021:5)
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