Union Escalation.. Comprehensive Strike at Bank Hapoalim in Protest Against Plan to Lay Off 770 Employees

SadaNews Economy Translation - The Union of Employees at Israeli Bank Hapoalim announced a comprehensive strike starting today, Monday, at 1 p.m., in protest against the bank management's plan to lay off 770 employees as part of the "Efficiency Improvement" program for the period 2025-2028. The strike includes, as published by the Hebrew newspaper Calcalist and translated by SadaNews, a complete shutdown of all bank units, including 180 branches, consulting centers, and the phone service, until the end of the workday. The committee threatened to take additional protest actions on Tuesday if the deadlock in negotiations with management continues. The dispute centers around a plan announced by CEO Yadin Antiofi last December, which involves a gradual reduction of about 10% of the workforce, aiming to cut the bank's annual expenses by about 300 million shekels starting in 2028. The labor committee described the plan as "exploitative and detached from reality," asserting that it will increase the burden on employees and harm the quality of service provided to customers. They also condemned management's disregard for the record profits the bank has achieved, which, according to the committee, shows that there is no real economic justification for mass layoffs. The committee demanded during negotiations that retirement be voluntary only, and for management to commit to reducing burdens rather than increasing them; however, talks have reached a dead end. Calcalist's report mentions: "It is noteworthy that Bank Hapoalim is not alone in this trend, as most Israeli banks resort to staff reduction programs periodically, benefiting from digital transformation, rising interest rates, and inflation to maximize profits at the expense of service quality and employees." In a strong statement, committee chairman Roni Garfunkel said: "Management talks about a revolution in services, but in reality, they undermine service, reduce the number of employees, and customers pay the price." In response, the bank stated: "The bank will operate at a reduced capacity today due to the suspension of collective agreement employees' activities. We apologize for the inconvenience and confirm that digital services will continue as usual."