Citation
(2007), "Bank earns more", International Journal of Productivity and Performance Management, Vol. 56 No. 7. https://doi.org/10.1108/ijppm.2007.07956gab.006
Publisher
:Emerald Group Publishing Limited
Copyright © 2007, Emerald Group Publishing Limited
Bank earns more
The Bank of Cyprus is claiming a productivity boost of 60 per cent during the past two years, helping drive the Bank’s profits higher and higher. BOC Cyprus CEO and Group Deputy CEO, Charilaos Stavrakis, told a briefing for financial journalists that since the new management team took charge of the Bank in 2005, giving new direction combined with the right incentives and safeguarding correct staff vetting procedures, the Bank’s staff productivity has increased by 60 per cent during 2005 and 2006.
During the same period, Bank of Cyprus managed to reduce the number of staff by 173 through a staff hiring freeze and voluntary early retirement. Very impressive!