Novo Banco hopes the voluntary rescissions of contract cuts 350 jobs

  • ECO News
  • 22 February 2017

Novo Banco's chairman launches one programme for voluntary rescission and another for early retirements, in order to decrease the workforce.

António Ramalho, chairman of Portuguese bank Novo Banco, met with the workers’ commission and unions this Tuesday to launch two programmes for voluntary rescission and early retirement, aiming to cut the workforce by 350 by June.

“It is a less painful solution than a collective dismissal”, stated the workers’ commission leader, praising the management’s attitudes towards the workers’ representatives since António Ramalho took over as chairman.

It is a less painful solution than a collective dismissal.

Workers’ commission leader


The bank has also said it needs to close another 70 branches in the first half of the year to reach its target of having a total of 550 in Portugal.