Portugal: Bank BPI to cut another 400 workers

Page created: Thursday, 11 May 2017 14:38 GMT

BPI   Employment   Workers

Lisbon, May 11 (Lusa) – Bank BPI is going to push ahead with a plan to cut its work force by about 400 people, offering them two and a half months’ wages for every year they have worked at the bank, but they will not be able to apply for unemployment benefits, a union source said on Wednesday.

Workers aged 55 or less can accept to join the scheme until 2 June.

There is an early retirement system offered to older workers.

It was already known that BPI, which has been controlled by the Spanish Caixabank since the beginning of the year, was going to make staff cuts over and above the reductions it had made in recent years.

In its tender document to take over BPI, CaixaBank anticipated creating synergies in three years worth €120 million and estimated that €35 would be through higher income and €85 million through cost savings, a large part of which would be by cutting the staff by 900.

Asked back in April about this matter, the future CEO of BPI, Spaniard Pablo Forero, acknowledged that the bank now had more money to pay for the dismissals.

BPI employed 5,445 workers in Portugal at the end of March.