The Philippine Daily Inquirer reported that the Ayala-owned lender is letting go of several staff in a bid to survive the crisis.
The report estimates that some 428 new hires from 2019 which are currently on probationary status would be given the boot. They represent 2 percent of BPI’s labor force.
Some early retirement packages are also being given to 50 plus employees as the bank streamlines its workforce.
“With COVID-19 presenting health risks and accelerating business transformation, we offered a number of our older tenured employees a purely voluntary early retirement package that assured them of preferential retirement terms, to allow them a smooth transition into the next phase of their lives,” BPI President Cezar Consing was quoted as saying.
In 2019, nearly 1,300 of its employees were 50 years old and above.
Banks are considered an essential service which remained open despite the lockdowns.