Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

760 jobs
Number of planned job losses
Job loss
Announcement Date
26 July 2021
Employment effect (start)
26 July 2021
Foreseen end date
31 December 2021


Portuguese bank Millennium BCP is planning to cut up between 800 and 900 jobs as part of its ongoing restructuring programme. Company's executive president stated that COVID-19 crisis was just a 'trend accelerator', but the restructuring is mainly due to customers' preference for 'the convenience of digital channels'. 

Workers will be able to reach an agreement with the bank, although management admits that there is no voluntary exit plan. According to the source, the bank may proceed with the redundancies if the number can not be reached through an agreement with the employees.

Unions fear that the number of laid-off workers can get to a thousand workers.

In the last year, 217 employees left the company's operations in Portugal and 35 branches were closed.

Updated, 27/08/2021 - According to the company's CEO, negotiations with workers and unions were successful. It was possible to reach an agreement with about 80% of the workers contacted. He adds that the number of workers affected by the restructuring plan has been updated to the lower figure of 760.

Updated, 10/09/2021 - 80% of the workers covered by the restructuring programme left the bank voluntarily. After completing this phase, the new one will culminate in the collective dismissal of the remaining 62 workers from ten different areas. As mentioned by the administration, 'the workers covered by this procedure were involved in the previous negotiation phase and will be individually informed through specific communication from the human resources department'.



Eurofound (2021), Millenium BCP, Internal restructuring in Portugal, factsheet number 105244, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/105244.