Bank Leumi to Cut 10 Percent of Work Force

Photo Credit: Miriam Alster / Flash 90

Bank Leumi plans to cut at least 10 percent of its work force, according to the draft of a five-year plan presented this week to the Bank of Israel.

In the first year of the bank’s reorganization plan, more than a thousand workers are to be laid off, according to Israel Radio.

Approximately 100 employees per year will be laid off in the next four years, most of whom will be those who are ready to retire.

Bank Leumi is one of the largest banks in Israel.