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THE IMPACT OF BANKS’ MERGERS & ACQUISITIONS ON THEIR STAFF EMPLOYMENT & EFFECTIVENESS
Abstract
The beginning of an M&A process increases the odds for an individual bank to become an acquisition target. The wave of M&A is rising without there being any reasons of economic performance to justify such action. Most bank employees regard M&A as a threat to their jobs, since shareholders often demand limitations in the number of employed staff. The scope of this paper is examine is the impact of this phenomenon on employment and on the efficiency of human resources. M&A results in the Hellenic bank market have been negative in terms of employment, since 3,627 jobs have been cancelled during the 1998-2003 period. These jobs belonged to banks that were either merged or acquired. Regarding a more efficient distribution of staff in the merged banks, data confirm that the large Greek banks that chose to grow through mergers have so far been justified in their choice.
Key words: Mergers & Acquisitions, Banks’restructuring process, Financial Institutions