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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.99 - Other financial service activities, except insurance and pension funding n.e.c.
500 jobs Number of planned job losses
Announcement Date
4 March 2016
Employment effect (start)
7 March 2016
Foreseen end date
Description
The bank Novo Banco retreated on an earlier collective dismissals plan (planning to cut 1000 jobs) and proposed to reduce the number of employees by 500 through terminations by mutual agreement.
A source from the Bank said that Novo Banco will only go ahead with collective dismissal if the Bank does not reach the targets negotiated with Brussels.
According to the UGT (General Union of Workers), Novo Banco will be considered a "company under restructuring", which will allow to expand "the number of those who have access to unemployment benefits if they decide to accept the termination of the employment contract. In addition to the relevance of the issue in terms of income for affected workers who leave the bank, the unemployment benefits period will count towards retirement".
Sources
4 March 2016: Diário de Notícias
4 March 2016: Económico
28 March 2016: jornal i
Citation
Eurofound (2016), Novo Banco, Internal restructuring in Portugal, factsheet number 86871, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86871.
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