Lisbon, Aug. 1, 2025 – The Workers’ Union of Companies within the Grupo Caixa Geral de Depósitos (CGD) has expressed concern over what it describes as increasingly deteriorating working conditions for employees, despite the bank’s ongoing profitability, a stance the public bank finds surprising.
The union’s (STEC) remarks were issued in a statement today, two days after Caixa Geral de Depósitos (CGD) released its first-half financial results, reporting a profit of 893 million euros from January to June, an increase of four million euros compared to the same period last year.
The union argues that the employees’ efforts have resulted in “a continuously improving financial performance with increased business volume, but with personnel costs decreasing progressively.”
STEC criticized the management of the public bank, claiming there is an “ongoing policy of fear and internal harassment that merely aims to disguise the unsustainable staff reductions.”
The union claims that “while the ‘Caixa shines in profits, it is tarnished in terms of the working conditions it offers.”
“At CGD, unlike the rising profits, employee purchasing power, morale, and motivation are dwindling, faced with increasingly degrading working conditions,” STEC criticizes, outlining six situations it believes indicate the deterioration in question.
The union points to “demanding and excessive daily pressure,” “unrealistic goals,” and “more tasks and regulations to comply with, leading to high operational risk due to work rhythms, increasing the potential for disciplinary actions.”
Additionally, it cites “direct and subtle threats accompanied by growing harassment practices,” “psychological distress and an increase in ‘burnout’ across all age groups,” as well as “constant violations of fundamental rights, including those related to parental leave.”
When contacted about the six critical issues raised by the union, CGD management claims that employees are satisfied and states a commitment to ensuring a good working environment.
“Caixa is surprised by STEC’s stance on this matter because, according to the organizational health study, which we conduct regularly, employees report satisfaction working at Caixa,” responded an official CGD source.
To support this claim, the public bank refers to results from its latest study, conducted from April 28 to May 9 this year, with participation from “69% of the employees.”
According to the 2025 organizational health study, conducted by an entity external to Caixa, 84% of employees reported satisfaction, which is the highest result from all surveys conducted to date,” explained an official bank source, adding that the studies “are confidential and provide an opportunity for employees to share their perspective on working at Caixa, the daily challenges they face, expectations, and opportunities for improvement.”
In today’s statement, the union claims that “the daily life of CGD workers is dehumanized” and challenges the administration led by Paulo Macedo to listen “to the workers, investing in improving working conditions and the social climate.”
In response to the union’s statement, exercising its right of reply, an official source from CGD states its intention to ensure “a motivating and productive work environment that guarantees the best working conditions and the highest quality of service to clients.”
The union also addresses the government led by Luís Montenegro in today’s statement.
STEC argues that, as the bank is delivering dividends to the state, the executive led by Luís Montenegro cannot “neglect its internal and external supervision, overlooking CGD’s workers, as is the case with the four years of frozen careers still pending resolution.”
PCT // CSJ
Lusa
