CGD ‘boss’ warns more cuts could be on the way

Pushing forwards with State bank CGD’s recovery plan – agreed with Brussels – the institution’s new president Paulo Macedo has warned that additional cuts to staff and branches could well be in the wings, particularly if targets are not met.

The warning comes as populations everywhere are protesting to the closure of branches as the bank struggles to shake off its legacy of debts.

But Macedo, formerly the PSD government’s health service ‘hatchet man’, is adamant: “there is no Plan B”.

“If we don’t comply with our objectives, they will have to be corrected”, he told one of the many Caixa awareness sessions, this time in Santarém, dubbed “Fora da Caixa” (Out of the Box).