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CaixaBank expecting to close 52 BPI branches
CaixaBank anticipates it will be forced to cut 900 jobs in the Banc Portuguès d'Inversions (BPI) over the next three years and close 52 branch offices this year with the aim of improving the efficiency of the organisation, which has 545 branches in Portugal. The measures are designed to make BPI “a more competitive entity” and increase its efficiency, as currently the ratio of expenses over revenues stands at 74%. CaixaBank's stated goal is to bring the figure down to 50% or less in 2019.
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