Overview

• The program will also scale back engagements with consultants and third parties, affecting roughly 1,000 managed-service contractors.
• Management says customer-facing roles will see limited impact despite the workforce reductions.
• The overhaul targets duplicated work and internal complexity, halting lower-priority projects to sharpen non-financial risk management.
• Some changes have already begun as the bank moves to simplify operations under new chief executive Nuno Matos.
• Matos recently apologized for automated emails that prematurely notified some staff of redundancies.