Financial and
ESG report 2020

Employment and staff costs

Efficiency of human resources management is an important part of Bank Millennium Group’s strategy.

The Group monitors particular staff cost items as well as the number of FTEs, for some years now pursuing a policy of stable headcount. Staff rotation is monitored and reported on an ongoing basis. Headcount and efficiency of use of resources are verified against relevant market benchmarks.  

Employment in the Group
(in FTEs)
31.12.2020 31.12.2019 Change (y/y)
Number of Bank’s employees   7 164  8 118  -954 
 – including key positions  159  200  -41 
Subsidiaries  329  347  -18 
BM Group total   7 493  8 464  -972 



Employment in Bank Millennium Group at end of 2020 reached 7,493 FTEs, which means decrease vs end of 2019 by 972 FTEs (i.e. 11.5%). The biggest employer in the Group is Bank Millennium, with a headcount at end of 2020 of 7,164 FTEs. Bank Millennium Group subsidiaries at the end of the year were employing in total 329 FTEs, with the following three companies having highest significance: Millennium Leasing, Millennium Dom Maklerski and Millennium TFI. 

Employment in the Bank
(in FTEs)
31.12.2020 31.12.2019 Change (y/y)
Branches and direct sales   4 572  5 225  -653 
Head Office  2 592  2 892  -301 
Total Bank Millennium  7 164  8 118  -954 



The structure of employment in Bank Millennium demonstrates a definite majority of persons employed directly in sales of banking products and services, in particular in the network of the Bank’s branches located throughout Poland.  

The bank reduced employment in all areas as a result of employment optimization after the merger with Euro Bank.  

Employment in the Bank
(in FTEs)
31.12.2020 31.12.2019 Change (y/y)
Direct Banking   738  747  -9 
Digital  652  730  -78 
Retail and corporate banking  3 834  4 479  -644 
Support units  1 940  2 162  -222 
Total Bank Millennium  7 164  8 118  -954 



Remuneration policy of Bank Millennium Group aims to assure the staff remuneration is adequate given currently performed tasks, competencies and scope of responsibility. 
In particular much weight is attached to proper levels of base salary. Remuneration levels are verified with consideration of periodic evaluation of performance as well as possible evolution of the level of skills employed in performance of the organisation’s tasks. Also remuneration information presented in surveys of salaries on the financial market is analysed. 

The total level of staff costs in Bank Millennium Group in 2020 and in the previous year was as follows: 

Staff costs
(in PLN million)

2020 2019 Change (y/y)
Bank Millennium  813.8  715.3  13.8% 
Subsidiaries  42.5  121.1  -64.9% 
Total Bank Millennium Group   856.3  836.4  2.4% 
* Euro Bank was a subsidiary between 31 May and 30 September 2019

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