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Bank with new leaving vacancy and admission to layoffs



Bank with new leaving vacancy and admission to layoffs

The big banks will lay off thousands of employees this year, a process that has continued since the last crisis, but which should reach a new peak in 2021, with even BCP and Santander Totta admitting to resorting to layoffs.

At BCP, the plan to lay off workers began last week when the bank contacts every employee who wants to quit and presents the terms of the layoff (compensation values ​​from the start). Employees can leave upon early retirement (for those aged 57 and over) or upon mutual agreement. In this case, the one who leaves by agreement does not have access to unemployment benefits.

However, the bank also acknowledged that it could resort to “unilateral measures”, and last week at a meeting with trade unions even spoke of a collective dismissal, indicating that this will affect “all those who do not accept the negotiation process.”

According to the unions affiliated with the UGT (the Portuguese Financial Sector Workers ‘Union, the Center Banking Workers’ Union and the Mais Union), the BCP’s intention is to lay off up to 1,000 workers. Between 2012 and 2020, BCP has already laid off almost 2,000 employees in Portugal, having 7,013 employees at the end of last year.

Santander Totta also admitted to resorting to layoffs.

At the end of April, it was announced that in the first quarter, it was agreed to lay off 68 workers and announced the layoff of another 100-150 employees, “whose functions have become redundant.” We are talking mainly about the workers of the closed stalls, who were asked to leave, but they did not agree.

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In early May, after negotiations with unions associated with UGT, the bank decided to “temporarily” postpone unilateral measures to leave workers.

union protest

The National Union of Banking Technicians organized several protests against layoffs, calling for a phased program of voluntary layoffs, without pressure and on fair and balanced terms.

The official source contacted by Lusa sent in additional information for the end of the month, as volunteering is still being evaluated. Whoever leaves the job by mutual consent is not eligible for unemployment benefits.

On the union side, sources contacted by Lusa fear that Santander Totta will also move to a more muscular layoff process, as they have information that they are agreeing to leave fewer workers than the bank wants.

As of the end of 2020, Santander Totta had 5,980 employees.

Several union leaders contacted by Lusa said thousands of workers will leave the main banks this year. They also believe that the processes will be even more aggressive than those that took place during the last crisis and the intervention of the Troika, since there are large banks that allow staff reductions, because the proposed compensation is now lower and even because it is too high … is not equal to laying off 1,000 workers out of 8,000 or 6,000.

On the part of banks, the reasons for staff cuts are usually the same for all. They justify technological evolution, changing customer habits (few travels to agencies, telecommuting), low business profitability, the need to adapt costs to changing businesses and improve efficiency.

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In September 2020, Bank Montepio announced an “expanded plan” to lay off workers through early retirement and termination of employment contracts to reduce the number of employees by 600-900 people.

According to an official Montepio source, in the first phase of the program (in the last quarter of 2020), 235 employees left, of whom 124 were laid off and 111 were laid off by mutual agreement (which gives access to unemployment benefits, since the bank received company status from the Government in the process restructuring). This year, the second phase of the program began with proposals for withdrawal by mutual agreement.

As of the end of 2020, the Montepio banking group employed 3,721 people.

At Caixa Geral de Depósitos (CGD), from which about 2,000 employees left between 2017 and 2020 as part of the restructuring process, management said that new quantitative headcount reduction targets would only exist once the 2021-2024 plan was approved. it is known that the state bank still has open plans to end its activities by mutual agreement and early retirement.

As of the end of 2020, CGD had 6,583 employees in Portugal. In the first quarter, according to an official source, “73 employees left for reforms, dismissals by mutual agreement or for other reasons.”

According to employee sources, Novo Banco, which laid off 2,200 employees between the end of 2014 and 2020, supports early retirement and consensual layoffs (guaranteeing access to unemployment benefits).

But the data already in existence is the same one that was released in February, when the bank indicated that the goal is to cut 750 employees by 2023, because according to the official source, there is nothing new.

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As of the end of 2020, Novo Banco had 4,582 employees.

A source at BPI said the bank is offering employees early retirement. However, bank officials have not publicly provided information on the downsizing projects.

“At the moment we do not have any structured exit plan, but exit negotiations can always take place by mutual agreement. In these circumstances, this issue does not apply, ”an official source at BPI said. The bank closed 2020 with 4,622 employees.

According to a long series of Banco de Portugal, banks operating in Portugal laid off nearly 13,000 employees between 2009 and 2019. In 2020, just five major banks operating in Portugal (CGD, BCP, Novo Banco, Santander Totta, BPI) cut 1,200 jobs.

Downsizing of structures (workers leaving and branch closings) is common in all European banking. The layoffs that have already occurred since the previous crisis (started in 2008) should now take on new strength thanks to the pandemic crisis. Banks base their profits on cost cutting, analysts say.

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The Lightyear 0 continues to break records and become the most aerodynamic car in the world…and it’s powered by solar energy.



The Lightyear 0 continues to break records and become the most aerodynamic car in the world...and it's powered by solar energy.

The Lightyear 0 never ceases to amaze: in tests conducted in Germany under the WLTP homologation cycle, the electric car, which can also be powered by solar energy, scored 0.175, the lowest score of any production car in history. But this is not an absolute record.

Lighter assured that the result is surprising even for engineers who expected a value of about 0.19. Ario Van der Ham, the company’s technical director, admitted: “We are very proud of this result. We started from scratch when we began to study the machine and its technologies. We’ve put a lot of effort into this.”

The Lightyear 0 managed to beat the previous record set by the 1996 GM EV1, which was 0.19. For example, the two most aerodynamic cars sold today are the Mercedes EQS and Tesla Model S, with claimed values ​​of 0.20 and 0.208, respectively.

However, if we also take concept cars into account, the Lightyear 0 is not the most aerodynamic car – the Mercedes Vision EQXX, introduced this year, scored 0.17 points, while the JCB Dieselmax, a prototype built to set the speed record in category of diesel vehicles. , it had a coefficient of 0.147.

946 examples of the electric sedan were produced, just over 5 meters long, capable of covering almost 625 km on the WLTP cycle thanks to a 60 kWh battery, a 170 hp electric motor. and solar power, which on its own, according to the Dutch manufacturer, it can travel up to 70 km a day.

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With a base price of 250 to 300 thousand euros, this model is clearly beyond the reach of any budget. However, after 0, Lightyear is already working on a more affordable entry-level model, which has a list price of around 30,000 euros and is scheduled to launch in 2026.

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Wall Street lives West Side Story and closes in the red. Yield on debt close to 4% – Stock Exchange



Wall Street lives West Side Story and closes in the red.  Yield on debt close to 4% - Stock Exchange

Wall Street ended the day in negative territory, wiping out the brief and cautious recovery seen early in the session led by tech companies.

The global monetary tightening movement and the possibility of a recession, marked by statements by several members of the US Federal Reserve (Fed), together with the turmoil in the UK markets, sent three major US indices into the red.

The industrial Dow Jones lost 0.93% to 29,313.26 points, while the S&P 500 fell 0.88% to 3,660.76 points. The Nasdaq Composite Technology Index fell 0.47% to 10,816.59. The “sale” that was felt at the end of last week continued this Monday.

Investors digested the Bank of England’s announcement that, hours after the pound’s fall to historic lows against the dollar, it assured that it “would be hesitant in changing interest rates.”

In turn, several members of the Fed uttered the words with a “hawkish” tone. The central bank president in Boston stressed the need to continue the path of tightening monetary policy to curb inflation.

Susan Collins also warned that the process would require the loss of some jobs. Atlanta Fed Chairman Rafael Bostic also warned that the central bank still has a long way to go to control inflation.

“This is like a West Side Story remake with a gang of central bankers chasing a job market that refuses to give up,” joked Mike Bailey, director of research at FBB Capital Partners, in an interview with Bloomberg.

For an expert”[Jerome] Powell E [Andrew] Bailey’s are trying to slow down the economy, but I feel that employers are trying to keep as many workers as possible. “So we are almost dealing with a fight between central banks and employers,” he added.

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In the debt market, US 10-year bond yields rose 21.3 basis points to 3.898%, very close to the 4% threshold last hit in 2010.

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Amortize loans or invest? see solution



Amortizar créditos ou investir? Veja a solução

At the end of July, there were 82.7 billion euros of customer deposits in the vaults of Portuguese banks. The data was released by Banco de Portugal (BdP) and represents the highest value ever, up 7.2% compared to the same month in 2021.

The amount that can lead the Portuguese to make a decision: to pay off debts associated with a loan, namely housing, or to invest in financial investments. But before you make a decision, do some math, because it’s not always easy to choose the best solution.

Between amortization and investment, the consumer can always save either through the interest he stops paying on the loan or through the income from the investment. Of course, in the first place in the analysis should be the profile of the family and what they value most: whether it is reducing expenses when paying off a mortgage or personal loan, whether it is the security of future times.

In the case of mortgages, given the low interest rates currently practiced, in most cases it is not worth paying, especially if the spread is very low – a common situation for loans taken up to five or six years ago.

In this case, the money will do more good if it is invested in a risk-free application, but then the challenge is to find the product with the best rate of return (see column on the side). However, if the Euribor rises, depreciation may be the best option. In the case of a personal loan, it is almost always preferable to amortize it due to the high interest rates involved.

How to compare rates The first golden rule is to compare interest rates on a loan and an investment product annually, as the situation can change in a short time.

The formula is simple: analyze the interest rate applied to the loan – TAN (index rate plus spread) – and also take into account the rate of the application you are about to file, TANL (net nominal annual rate). To better understand this analysis, consider the TAN of a loan as the cost you incur for the loan and TANL as the return on investment. Knowing the two rates, choose amortization if TAN is higher than TANL, since the savings realized in interest payable on the loan will be greater than the return on investment.

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If you have a fixed rate mortgage, in principle you don’t have to worry about rate fluctuations as a result of the Euribor hike, making comparisons easier. However, keep in mind that in this case, the fee for early repayment is higher: 2% compared to 0.5% for floating rate loans.

If you repay part of the debt, it must match the payment due date. If the reimbursement is motivated by death, unemployment or business travel, it is exempt from commissions. Banks may not charge additional fees or increase the penalty to the maximum on contracts that provide for a lower percentage or exemption. And these rules apply to new and old contracts, for the purchase, construction and work in own and permanent housing, resale or lease and acquisition of land to build your own home.

Indeed, with a partial repayment of 20,000 euros, the commission cannot exceed 100 euros for a loan with a variable rate and 400 euros for a loan with a fixed rate. You have up to seven working days to inform the bank by registered mail with acknowledgment of receipt.

However, if you have an adjustable rate mortgage with a spread of up to 2.5%, then you can invest in a risk-free application (see column on the side), capitalizing on interest to increase income. In the case of a personal loan, amortization is almost always the best alternative.

Risk free investment products

Annual returns of 3%, 4% or even 5% on guaranteed capital and low-risk savings products are a thing of the past. The interest currently charged is at a low level and there are banks that no longer pay out term deposits. However, look at the alternatives.

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Term deposits

If the simplicity of this savings product is one of its strengths, then the reward rate offered makes the app less and less attractive. Although it has been losing followers in recent years, it is still one of the favorite savings instruments of the Portuguese.

Consumers’ low monthly income, competition from other savings products, and reward cuts explain this downward trend.

Savings certificates

This product, which in previous years was considered a real alternative to savings, is increasingly losing ground due to the low rate of return. It is calculated based on the three-month average Euribor observed over the previous ten business days plus 1%. But expect small rewards.

Treasury Growth Savings Certificates

The interest rate increases: 0.75% (gross interest) is paid in the first and second years, which rises to 1.05% in the third year, 1.35% in the fourth, 1.65% in the fifth and 1.95% in the fifth year. sixth, to reach 2.25% last year. From the 2nd year, the interest rate increases by a premium, depending on the real average growth of the gross domestic product (GDP).

Investment Tips

1. Consider the unexpected

Monetize added value. Before investing, consider whether you really need this money. If you come to the conclusion that you don’t need it, you can start using that extra money to make the best use of it. Don’t forget that you should set aside three to six months of money for household expenses so that you can deal with any unforeseen circumstances. This applies, for example, to health care costs.

2. Investments for the long term

Stock market. Always think long term, especially if you are thinking about betting on the stock market. The explanation is simple: the more time you spend on your investments, the more you can risk and the more you can monetize. You should invest for at least five years – ten years is good, 20 years is even better so that the amount invested in stocks is maximum and can minimize temporary losses.

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3. Don’t invest everything in the same

Diversify your investments. Not putting all your eggs in one basket is one of the golden rules you should follow when thinking about investing. This means that you do not have to own only one security or securities of companies whose profits depend on a similar business. In the event of a change in the legal regime, your assets may undergo profound changes.

4. Don’t bet on something you don’t understand.

Information. If you don’t understand the product a company is selling, don’t buy stock. If you want to invest in government debt but don’t understand how Treasury bonds work, buy savings certificates. If you do not understand the description of the investment policy in the fund’s prospectus, do not subscribe. If the term deposit offered to you has an interest rate formula, exchange it for a deposit with a simple interest rate.

5. Don’t go into debt

Compare offers. It is a mortal sin for an investor to finance himself in order to invest. If your investment depreciates, the loan has a loss multiplier effect. If your investment grows, the loan will absorb the effect of profits. Whatever the outcome, investment loans never work. Only one entity always wins: the bank, regardless of whether the investor wins or loses.

6. Consider your profile

Take a risk or not. If you have a conservative profile, the investor intends to keep the amount invested and choose low-risk products. If you are moderate, you are already ready to take significant risks in investments and your choice, for example, in real estate funds. If he is dynamic, he takes on high risk in stock decisions and bets.

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