Bank Hapoalim is cutting back its headquarters staff. Four of the bank's 15 directors will be retiring in the coming months, has learned.

Two are no surprise¿ Joseph Dauber and Moshe Amit, both of whom were slated for retirement anyway. Dauber controls the bank's commercial division, while Amit heads its business division. Both serve as deputy chairmen of the bank's management board.

The identity of the other two is not known.

These and other top-echelon staff cutbacks will help Hapoalim contend with diminishing profits this year.