Adelaide Maria Figueiredo () (LIAAD/INESC-Porto and Faculdade de Economia, Universidade do Porto) Fernanda Otília Figueiredo () (CEAUL and Faculdade de Economia, Universidade do Porto) Natália Pimenta Monteiro () (NIPE and Departamento de Economia, Universidade do Minho)
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This paper examines labor adjustments in ten Portuguese banks after the ownership transfer to the private sector. The results show that the restructuring process is a very complex phenomenon, with firms exhibiting diverse adjustments in terms of either speed or path. In addition, our findings also show that the pay level in the banking industry is by far the workforce attribute that changed more, reflecting substantial changes in terms of composition and not size of the workforce. In particular, firms tend to reduce the share of workers in managerial occupations and replace the most experienced employees with younger and more educated workers. Our empirical evidence also suggests that privatization is associated with a higher level of rent sharing.
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Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number
306.
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