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
200 jobs Number of planned job losses
Announcement Date
14 April 2011
Employment effect (start)
Foreseen end date
30 June 2011
Description
BPI bank announced the closure of 47 branches and the loss of 200 jobs across Portugal. It has been proposed to eliminate the jobs partly through early retirement and non-renewal of temporary contracts.
BPI blamed the closure on the decrease in demand for mortgage credit. Fernando Ulrich, the president of the institution explained that the plan is to adjust the size of the bank at current market conditions.
According to news reports, the bank closed the first three months of 2011 with profits of 45.3 million euros, representing an increase of 0.3 percent over the same period last year and exceeds analysts' forecasts, which estimated a decline in results net.
Sources
14 April 2011: Record
14 April 2011: Correio da Manhã
29 April 2011: Noticias Financieras
Citation
Eurofound (2011), BPI, Internal restructuring in Portugal, factsheet number 71965, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71965.
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.
