Ricardo Salgado may have to struggle by on €11,500-a-month

Novo Banco pension fund administrators have gone to court to reduce the €90,000-a-month pension paid to the disgraced banker, Ricardo Salgado and the other directors of the former Banco Espírito Santo.

The proposal is to reduce the monthly pay-outs to €11,500, roughly the level of a BES director’s ‘in work’ pay before the bank went spectacularly bust in 2014.

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