Reduction of Branches and Workforce in Cypriot Banks Over the Decade
June 15, 2026
According to the ECB's analysis, banks in Cyprus closed 370 branches and reduced their workforce by 4,634 over a decade. From 2012 to 2025, employees decreased from 12,853 to 6,349, with most departures coming from voluntary exit programs and retirements. The digitization of banking services has reduced the need for staff and physical branches. Bank of Cyprus and other banks continue to pursue staff reduction plans. At the EU level, there was an overall reduction in branches by 2.62% in 2025.