Restructuring in privatised firms: A Statis approach

► We analyse the restructuring process following privatisation in 10 Portuguese banks. ► We use a novel statistical approach which links product market and labour outcomes. ► The restructuring process is heterogeneous with respect to speed and intensity. ► The firm attribute that is subject to the largest change is the wage level. ► The wage change reflects changes in the composition, and not size, of the workforce.