Banks closed over 300 branches and cut 1,300 jobs last year

Over 300 branches closed and 1,300 jobs were cut last year by the five main banks operating in Portugal.

The news was reported by Lusa news agency using the latest data available – up to September 2017.

Most of the closures happened at Caixa Geral de Depósitos which shut down 129 branches, now running 588 outlets.

BPI, now owned by Spanish group Caixabank, also closed a significant number of outlets. The bank had 434 branches in Portugal in September, down 111 from December the previous year.

A total of 67 outlets were closed by Santander Totta, which saw its number of branches drop to 575 by September. This was before the bank took on 100 Banco Popular Portugal branches.

Data also shows that Novo Banco shut down 58 branches, bringing its total down to 449.

Lusa news agency also reports that the majority of workers who saw their contracts terminated (1,300) either left by mutual agreement or early retirement.

Novo Banco cut the most jobs (390), followed by BPI (347), Caixa Geral de Depósitos (298), Santander Totta (269) and BCP (52).

Lusa adds that 31,813 people worked in the banking sector in Portugal at the end of September.

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