Internal restructuring
Location of affected unit(s)
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
Job loss
Announcement Date
14 April 2011
Employment effect (start)
Foreseen end date
30 June 2011


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. 


  • 14 April 2011: Record
  • 14 April 2011: Correio da Manhã
  • 29 April 2011: Noticias Financieras


Eurofound (2011), BPI, Internal restructuring in Portugal, factsheet number 71965, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71965.