More bank redundancies on the cards

 In Banks, News

Two of Portugal’s large high street banks are to make hundreds redundant this year as the switch to digital online and mobile banking reduces the need for customers to visit branches.

It is a continuation of a process that began during the last financial crisis from 2007, but will reach a new peak this year, accelerated by increased online banking because of the Covid-19 pandemic.
Millennium bcp has already gone public that it will make a thousand ‘amicably’ redundant while Santander Totta has also admitted showing staff the door.
A week ago, BCP announced a staff-slashing program with the bank contacting employees to see if they would agree to voluntarily leave in exchange for  generous redundancy packages including lump sum compensation.
Those who are 57 or more can take early retirement or accept amicable redundancies under which circumstances they may not apply for unemployment benefit.
However, the bank has also admitted that it could take “unilateral measures” if the 1,000 staff target number isn’t reached. Last week, at a meeting with unions, the bank actually mentioned the prospect of mass redundancies which would involve “all those who do not accept the negotiation process”.
BCP wants to shed 1,000 jobs according to union UGT (The Union of Financial Sector Workers of Portugal, the Union of Banking Workers of the Centre and Mais Sindicato.
Between 2012 and 2020 BCP has reduced its staff complement by 2,000 staff in Portugal to 7,013 staff.