The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
800 - 1,000 jobs Number of planned job losses
Announcement Date
9 June 2021
Employment effect (start)
16 June 2021
Foreseen end date
20 September 2021
Description
The Millenium BCP bank will put in place the restructuring plan that had been suspended due to the COVID-19 crisis. In a first phase, the plan will be implemented through voluntary measures - early retirement (for those aged 57 or over) and terminations by mutual agreement (no access to unemployment benefits) and, later, if necessary, through collective dismissals.
This process will start on 16 June 2021 and the first phase is expected to end on 18 August 2021. Subsequently, a collective dismissal will be carried out if the objectives of the restructuring plan are not achieved.
The bank currently employs around 7,100 workers in Portugal.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
