Hellenic Banks and Voluntary Retirement Programs in a Crisis Period
John Mylonakis

The last global financial crisis has significantly changed the way banks operate. The banking industry is largely affected, facing a huge liquidity problem and large competition among many and different institutions worldwide. The Human Resource Directorates of each banking institution was called upon to take on opponent policies; reduce operating costs, satisfy employees and increase profitability. Voluntary exit programs were a new process, mainly for Greek banks, with controversial advantages for bank employees and banks themselves. The Greek banking system is one of the last banking systems to be affected by the 2008 global financial crisis. The Banks’ Human Resources Directories managed to play an important role both in the followed Mergers & Acquisitions era in the financial sector and to reduce banks’ operating expenses through tempting bonuses for early voluntary retirement policies.

Full Text: PDF     DOI: 10.15640/jmpp.v6n2a1