Banks have saved a billion euros with layoffs since 2011

In the last seven years, the payroll that the bank paid to its workers has lost more than one billion euros, according to data from the Bank of Portugal (BoP) to which "Correio da Manhã "had access. This decrease in the payroll is mainly due to the reduction in the number of employees: around 10,600 for the same period.

According to the BOP, the amount of 4.4 billion euros paid to banks at the end of 2011, fell to 3.3 billion euros in the first quarter of this year. In other words, since the entry of the troika in Portugal, sector wages have dropped by 1.1 billion euros, a reduction of 25%.

Layoffs also helped to reduce operational costs – Sum of the value of wages, other administrative costs and depreciation – of banking institutions, according to the "CM"

Seven years ago, the bill of the bank for all these components rose annually to almost eight billion euros. After six years, it fell to 5.7 billion euros, down from 2.2 billion, which corresponds to a drop of nearly 30%.