The workers council at Novo Banco is in urgent discussions with the management over restructuring plans to dismiss 500 staff. Nearly 500 employees already have left through voluntary redundancies and retirement but the target of 1,000 has not been met.
Workers' representatives have warned management that it does not accept the proposed mass lay-off of staff and issued an appeal to bank employees: "We call on all staff not to sign any documents without referring to the national committee of workers or their union."