Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2011), BPI, Internal restructuring in Portugal, factsheet number 71965, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71965.