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.
Portuguese bank Banif announced the closure of 60 branches in Portugal mainland and the reduction of its workforce by 300 positions. In total, Banif intends to keep only 2,000 employees.
The redundancies will be achieved by means of mutual agreements and early retirements. The formalization of the redundancies procedures will start in April.
The total cost of this restructuring programme will be EUR 12 million. However, this will allow annual savings of EUR 15 million.
The bank proposes compensation between 1,1 to 1,5 of previous wages. Additionally, the bank also proposes to maintain the agreed conditions regarding housing loans, healthcare assistance during one year, a special credit line for those who decide to go ahead with their own projects by granting a special spread of 3%, and access to the unemployment benefit.
The ERM reported on a previous round of job cuts at Banif in 2012.
Eurofound (2014), Banif, Internal restructuring in Portugal, factsheet number 76735, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76735.