In the new globalization era banks face an increasingly competitive environment, replete with threats from non-banking institutions operating under different kinds of regulations. Changing circumstances provide for banks opportunities as well as challenges. One aspect of the competitive challenges faced by retail banks lies in the management of human resources. The aim of the present paper is to investigate the problem of job satisfaction based on the results of research conducted in the Greek banking sector. Multiple theoretical frameworks regarding motivation and job satisfaction are used as the theoretical guide. The author examines the effect of individual attributes, job characteristics and organizational variable on job satisfaction. In the second part of the paper the study investigates the interaction effect of job satisfaction and work motivation and productivity. Responses gathered by means of a questionnaire survey from Greek banks were generated and analyzed using correlation analysis.