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, 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.
Eurofound (2018), Novo Banco, Closure in Portugal, factsheet number 94558, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94558.