June 25, 2019 / 1:56 PM / 23 days ago

Israel's Bank Leumi to cut 700 jobs by end of 2020

TEL AVIV, June 25 (Reuters) - Israel’s Bank Leumi said on Tuesday it had agreed with its union to lower its headcount by 700 workers by the end of 2020 at a pretax cost of 200 million shekels ($56 million).

This will include a voluntary retirement plan for 250 employees who will leave by the end of 2019, Leumi said in a statement.

A new wage agreement with workers will boost salary expenses by 100 million shekels pretax in 2019, the bank said.

$1 = 3.6001 shekels Reporting by Tova Cohen, Editing by Ari Rabinovitch

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