Caixa Económica Montepio Geral

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
200 jobs
Number of planned job losses
Job loss
Announcement Date
18 March 2016
Employment effect (start)
18 March 2016
Foreseen end date
31 March 2016

Description

Montepio, a Portuguese bank, will close 40 branches and reduce the number of workers by 200. Reduced costs and increased efficiency are some of the goals of the restructuring plan carried out by the institution. The Bank will close some other branches by June and reduce the number of workers later this month. The bank has a programme of early retirements in progress and approximately 200 employees have already signed it.  

At the end of 2015, Montepio had 3,871 employees, 36 less than in 2014. In 2015, the bank recorded losses of  EUR 243.4 million, after the loss of approximately EUR €187 million in 2014.

Sources

  • 18 March 2016: Económico

Citation

Eurofound (2016), Caixa Económica Montepio Geral, Internal restructuring in Portugal, factsheet number 86863, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86863.