Banco Comercial Português (BCP)

Type
Internal restructuring
Country
Portugal
Region
Continente;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
500 jobs
Number of planned job losses
Job loss
Announcement Date
28 July 2014
Employment effect (start)
1 September 2014
Foreseen end date
30 October 2014

Description

Portuguese private bank Banco Comercial Português (BCP) will dismiss at least 500 employees by September 2014, besides the 393 workers who left the organisation between July 2013 and June 2014. During the same period the bank closed 57 branches, running now 740 branches and business centres.

The staff reduction plan will be implemented by means of early retirement and mutually agreed terminations.

In June 2014, BCP has incurred losses of €62 million. The reduction of its workforce is part of a restructuring plan agreed upon between the Portuguese authorities and the Directorate General for Competition of the European Commission.

As reported, a target of maintaining only 700 branches has been set, which implies further job reduction measures in the future.

For a previous restructuring event see BCP-2013. 

Sources

Citation

Eurofound (2014), Banco Comercial Português (BCP), Internal restructuring in Portugal, factsheet number 77385, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77385.