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
177 jobs Number of planned job losses
Announcement Date
11 November 2014
Employment effect (start)
1 January 2015
Foreseen end date
Description
Spanish bank, BBVA, announced the closure of 38 of its 81 branches in Portugal. Out of its 750 employees, 177 will leave the bank. The negotiations with the trade unions have already started.
BBVA justified this restructuring with the need “to ensure the sustainability of the operation”.
During the last three years, BBVA accumulated losses of €186 million.
BBVA tried to sell its operation, but in the absence of good business opportunities, the bank has opted for the internal restructuring.
Sources
11 November 2014: Económico
Citation
Eurofound (2014), BBVA, Internal restructuring in Portugal, factsheet number 77898, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77898.
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