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 Millenium BCP bank will put in place the restructuring plan that had been suspended due to the COVID-19 crisis. In a first phase, the plan will be implemented through voluntary measures - early retirement (for those aged 57 or over) and terminations by mutual agreement (no access to unemployment benefits) and, later, if necessary, through collective dismissals.
This process will start on 16 June 2021 and the first phase is expected to end on 18 August 2021. Subsequently, a collective dismissal will be carried out if the objectives of the restructuring plan are not achieved.
The bank currently employs around 7,100 workers in Portugal.
Eurofound (2021), Millenium BCP, Internal restructuring in Portugal, factsheet number 104937, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104937.