Brazil’s five largest banks need to cut costs by a combined minimum of R$24 billion ($5.7 billion) in the next three years as lower interest rates put pressure on net interest margins, according to a report by the German consultancy Roland Berger. A cut of that magnitude would be equivalent to roughly a 10% reduction in today’s costs among these banks.
The study defines the country’s leading banks as private-sector leaders Itaú, Bradesco and Santander Brasil, combined with public banks Banco do Brasil and Caixa.
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