Edition 1496
13 October 2018
Edition: 1496

Read this week's issue online exactly as it appears in print.

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State bank CGD continues to shrink workforce and branch numbers

by TPN/Lusa, in Business · 02-08-2018 10:49:00 · 0 Comments

More than 400 workers left Portugal’s state-owned bank Caixa Geral de Depósitos (CGD) in the first six months of this year.

The bank had 7,903 employees in Portugal at the end of June, compared with the 8,321 it had at the beginning of the year.
The CGD ran a programme of mutual-agreement rescissions and early retirement programmes this year, just as it did last year when almost 550 workers agreed to leave.
Its network of branches also shrank by 65 to 522 branches in June compared with 587 at the start of the year.
The branch closures have stirred up considerable controversy, as many are in small towns and villages with no other banks, and many of its customers are former public service workers who for many years had to use the bank to receive their wages or pensions.
CGD announced yesterday it had made a profit of €194 million in the first six months of the year, compared with a loss of €50 million in the same period in 2017. 

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Edition 1496
13 October 2018
Edition: 1496

Read this week's issue online exactly as it appears in print.

Twitter

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