This study investigates the nature and changes of Human Resource Development (HRD) in two Greek banks under the challenging context of the economic crisis. It examines the latter?s impact upon HRD as it was perceived from different stakeholders and through a pre and ongoing-crisis assessment approach. The study draws upon qualitative research data from two case study banking organisations in Greece, reporting on 76 semi-structured interviews with key stakeholders (HR staff, Bank Managers, employees) undertaken in 2014, six (6) years after the fall of Lehman Brothers. The study contributes to academic knowledge as being the first empirical research offering a unique perspective through examining changes of HRD within a specific industry and national context (Greek banks) against a backdrop of an economic downturn. Its findings also raise important questions for HRD professionals, in both academia and practice in relation to claims and aspirations which prevail in respect of HRD and organisational change and business transformation.