Fischer plans 10% staff cut

Bank of Israel Governor Stanley Fischer said Tuesday night he was determined to put an end to wage problems and labor disputes by reorganization and efficiency processes at the central bank.

Bank of Israel Governor Stanley Fischer said Tuesday night he was determined to put an end to wage problems and labor disputes by reorganization and efficiency processes at the central bank. Speaking at the annual CFO Forum, Fischer said that, together with the bank's management, he was planning to reorganize and downsize employees of the bank by 10 percent. In addition, Fischer emphasized the need for a new law for the Bank of Israel as well as excellence incentives at the bank to build an efficient organizational culture.