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.