According to the circular issued by the management of the Bank of Cyprus , it is going to reduce staff-related costs with changes in salaries and early retirement and part time employment options. Also, according to the Human Resources Department, about 3,700 employees could be left on unpaid leave. It was stated in the circular: “The coronavirus pandemic has affected us all, ushering in a new reality to the labour sector and indicating that we all have to adjust to a new state of play… Within this framework and with the main goal being the provision of facilities to staff that will lead to a better work life balance, we are immediately proceeding with labour institutions.” The Bank of Cyprus, which is the largest lender on the island, announced a net loss of €70 million for 2019; in view of the pandemic, the Bank has been updating macroeconomic assumptions.