Banco do Brasil Announces Layoff Program for 5,000 Employees and Closure of 361 Branches

Written by Roberta Souza

Published on 12/01/2021 at 15:28

Updated on 12/01/2021 at 15:29

Agência do Banco do Brasil

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With the Aim of Saving R$ 535 Million This Year, Banco do Brasil Announced the Closure of Several Branches

Banco do Brasil, the largest bank in Latin America with the largest branch network in Brazil and abroad, announced yesterday the opening of two voluntary resignation programs, in which about 5,000 employees will participate. The bank also announced the closure of 361 units – 112 branches, 7 offices, and 242 service points. These measures are intended to save 535 million reais by 2021 and 2.7 billion reais by 2025.

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It is expected that the reorganization plan will improve and optimize the efficiency of 870 service points across the country, including the closure of the 361 units.

In a statement, the bank says that “The reorganization of the service network aims to adapt to the new profile and behavior of customers and includes, in addition to the above-described optimization measures, other movements of review and resizing in the boards, support areas, and network, prioritizing specialized service and expanding the offer of digital solutions.”

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Termination Program

The so-called voluntary termination method with incentives is as follows:

Workforce Adjustment Program – PAQ: in order to optimize the distribution of the workforce, addressing the situations of vacancies and excesses in the bank’s units. In addition to the option of termination, the PAQ encourages lateral movements to units where there are vacancies.

Extraordinary Termination Program – PDE: available to all BB employees who meet the prerequisites and is specifically for encouraging termination, with a limit of 5,000 participants.

Banco do Brasil Announces Layoff Program for 5,000 Employees and Closure of 361 Branches

With the Aim of Saving R$ 535 Million This Year, Banco do Brasil Announced the Closure of Several Branches

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