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.
The Portuguese bank Caixa Geral de Depósitos (CGD) announced a restructuring plan affecting 2,000 employees. This restructuring plan is part of a strategic plan agreed with the EU Commission, which became mandatory in order to receive public support. This restructuring plan will cost approximately EUR 150 million and will lead to the closure of 61 branches until 2020.
Until the end of the year a total of 500-600 workers will leave the bank: 400 will leave the bank via mutual agreements or by early retirement. Of the remaining workers, 50 will leave by termination by mutual agreement. It is estimated that a total of 500-600 persons per year will leave the bank.
Eurofound (2017), Caixa Geral de Depósitos, Internal restructuring in Portugal, factsheet number 90816, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90816.