EMCC European Monitoring Centre on Change

Caixa Geral de Depósitos

Company/Organisation:
Caixa Geral de Depósitos

Geographic Location

Country: Portugal
Region: Continente
Location of affected unit(s): Portugal

Company

Sector: Financial services
Financial and insurance activities
64.11 - Central banking
Number Employed: 8133

Employment Effects

Announcement Date: 05-04-2017
Planned Job Reductions min: 2000
Planned Job Reductions max: 2000
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-05-2017
Foreseen End Date: 31-12-2017
Other Job Reduction Measures: 2000

Additional Information

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.