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 - Financial service activities, except insurance and pension funding
295 jobs Number of planned job losses
Announcement Date
7 November 2016
Employment effect (start)
Foreseen end date
31 December 2016
Description
The Spanish banking group Banco Popular is currently undergoing a large-scale restructuring that will affect more than 2,500 workers and lead to the closure of 300 branches in Spain and Portugal. The ERM has previously reported on this in August and October 2016. In Portugal, the restructuring will lead to the dismissal of 295 workers and to the closure of 47 branches by the end of the year. According to the bank, most of the job cuts will be achieved through early retirement and voluntary redundancies. Banco Popular has 1,159 employees and 166 branches in Portugal.
Sources
7 November 2016: sic noticias
Citation
Eurofound (2016), Banco Popular, Internal restructuring in Portugal, factsheet number 89135, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89135.
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