Caixa to close 23 branches

Portugal’s Caixa Geral de Depósitos (CGD) is preparing to close 23 branches in August.

The news did not come from the bank, but rather from a union that represents public bank employees, STEC.
The majority of the bank employees will take place in Porto, Coimbra and Lisbon. Over the last few years the bank led by Paulo Macedo has undergone a hard restructuring using public cash it received in 2017 as part of an agreement between Brussels and the government and also involved staff cuts.
The restructuring is continuing, albeit at a less intense rate. The bank announced profits of €486 million for the first six months of the year.
At the end of June, CGD had 539 agencies, Caixa spaces with cash dispensers, and offices in Portugal, employing 6,035 employees. Since 2016, however, it has closed almost 200 branches, while it reduced around 2,000 of its staff.
At the end of June, after announcing a result of almost €500 million, Paulo Macedo rejected the idea that the bank had “excessive profits”. “Excessive profits? Up until now zero”, he told journalists.