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Banco Montepio wants to make 119 early retirements and lay off, by mutual agreement, 308 vendors and 377 workers from the backoffice found the Observer. In total, according to the plan that was agreed by the bank’s management and that has already been sent to the Bank of Portugal, 804 people will be asked to leave under the restructuring plan that the Observer reported on July 17 when it was presented to an investment agency classification. At that time, there was a 20% reduction in personnel costs at a bank where around 4,000 people work.
The details of the restructuring plan are detailed below, based on the information collected by the Observer:
- The plan, as a whole, will cost 79.4 million euros, in estimated terms.
- Of this total, Banco Montepio plans to spend 11 million to physically close 80 branches, about 138 thousand euros, on average, for each one.
- As for the workers, they are 804 expected outputs, with an estimated total cost of 68.3 million euros, on average, 85 thousand euros for each person.
- Anticipate the production of 308 commercials by mutual agreement, with 20.6 million euros “invested” in this program. On average, each will be offered a compensation package of € 67,000. A calculation of 1.6 wages per year in the household is a reference for these calculations.
- Regarding workers back office, terminations by mutual agreement must result in 377 people left. In each process, an average package of 88 thousand euros must be proposed. In total, € 33.2 million was spent on staff redundancies from the services.
- In the area of early retirement, the 119 people left, which will cost the bank 13.9 million. Here there is no severance payment at the time of departure, but on average each worker who leaves in these circumstances will cost the bank 117 thousand euros.
It was this restructuring plan that was sent to the Bank of Portugal under conditions that, as reported by the Observer this Thursday, led Carlos Tavares, chairman of the board of directors, to write a very critical email from the executive committee led by Pedro . Little pig. Read more here:
High tension in the dome of Banco Montepio in the personnel cut plan
The unions Mais Sindicato and SBC met late Wednesday afternoon with Montepio management, who confirmed the intention of presenting workers with an early retirement and voluntary redundancy program to reduce the number of employees.
At that meeting, according to the unions, the administration confirmed that it would reduce the number of employees, but “guaranteed false that this measure reaches 800 workers ”. “The total is not yet defined“, Assured those responsible for the unions.
As reported by the newspaper Eco last week, the status of a company under restructuring was requested in order to guarantee the possibility that in the next three years it will allow the attribution of unemployment benefit to anyone who agrees to leave the bank.
The Observer attempted to obtain an official comment from Banco Montepio. This news will be updated if that comment is provided.
Already an official source from Montepio Geral Associação Mutualista indicated to the Observer that “it accompanies the life of Banco Montepio, although, of course, there are matters that fall under the management of the Bank and its Regulator.” He added: “The adjustment processes, their implementation dynamics and the associated impacts are, however, defined and guided by respect for the values that inspire the Associação Mutualista and the entire Montepio Group, ensuring, as such, special attention . people and the necessary conditions of mutual acceptance and satisfaction ”.
According to the Observer, on Friday, September 11, there was a meeting between Montepio management (and the executive committee) where the main guidelines of this plan were transmitted.
