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.
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.