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.
The Portuguese bank Banco Espirito Santo (BES) is to cut 200 jobs by the end of 2013. The restructuring is attributed to the current financial crisis. Out of 200 employees, 100 will leave the bank via mutual agreements, 50 by early retirement, and 50 will leave without replacement.
Since March 2012, BES closed 27 branches in Portugal. The president of BES, Ricardo Salgado, announced that the bank will close around 20 branches until the end of 2013. During the first quarter of 2013, BES lost 62 million euros. In the same period of 2012, BES recorded net profits of approximately 12 million euro.
In a press release, BES stated that the economic recession, which resulted in a decrease of the gross domestic product in 10 consecutive quarters has made income generation more difficult due to the increase in insolvency cases and unemployment.
Eurofound (2013), Banco Espirito Santo, Internal restructuring in Portugal, factsheet number 75351, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75351.