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
400 jobs Number of planned job losses
Announcement Date
3 July 2018
Employment effect (start)
31 July 2018
Foreseen end date
31 December 2018
Description
The Portuguese bank, Novo Banco, will close 30 branches by the end of July 2018. The staff reductions will be done through early retirements and voluntary terminations of contracts. In total, 400 workers are expected to have left the bank by the end 2018. These cuts aim to anticipate the target agreed with the European Commission; the bank must reduce its number of branches by 73 within three years as part of the agreement following the recapitalization of the bank in 2017.
In 2014, the Novo Banco had 631 branches in Portugal. In four years, about 40% of the branch network was closed.
Sources
Citation
Eurofound (2018), Novo Banco, Internal restructuring in Portugal, factsheet number 94558, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94558.
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