In March, almost 67,300 people were working in the banking system, up 28% against the end of 2005, according to NBR data.
Over the last few years the need for personnel has risen considerably, largely because of the rapid expansion of territorial networks. Although most players that invested to strengthen their territorial presence opted for small branches staffed by only 4-5 people, the large number of bank offices opened ma de the switch of employees from back office to sales insufficient.
Since December 2005, 2,192 branches have been added to the banking network, an increase of 62%. All players, from the largest to the smallest, have embraced expansion strategies. Only CEC, which still has biggest network (around 1,400 branches) could afford to not open any new ones.
Out of the overall number of employees in the banking system, 18,450 work in banks' central offices. As a result, almost 48,800 employees are left to operate across a network of 5,700 agencies and subsidiaries, which accounts for an average of 8-9 people per branch.
The tight competition for personnel has put pressure on salaries, and the arrival of new players, which rapidly needed to build strong teams, further boosted salaries.
Catalin Parvu, general manager in charge of retail and operations at Piraeus Bank, recently indicated that wages climbed faster than productivity, and affected organisations' efficiency.
Bankers believe they are compelled to invest in the training of young employees, as college training does not cover the necessary practical needs. The training of personnel is becoming an ever more delicate issue as the quality of services becomes the main differentiating factor given the strong territorial expansion of a large number of banks. Despite bankers' increasingly focusing on efficiency, after a period of several years when the battle
