According to the document, the bank led by António Ramalho reduced the number of employees from 5,096 in 2018 to 4,869 in 2019, which represents a decrease of 227 employees.

In terms of branches, the bank that succeeded Banco Espírito Santo (BES) lost 15 in 2019, as it went from 402 at the end of 2018 to 387 in 2019.”In total, Novo Banco’s personnel costs amounted to €265.4 million, a reduction of 0.3 percent year-on-year, according to the statement sent to CMVM.” General administrative expenses reached €179.5 million, representing a year-on-year decrease of 9.8 percent. This reduction reflects the impacts of the ongoing rationalisation and optimisation policy”, said a statement from the bank.