Banco do Brasil announced a reorganization programme on January 11 to rationalize its cost base, refocus its strategy and boost margins.
The plan’s author, and the bank’s chief executive, Andre Brandao, had been recruited to the role the previous September from HSBC, where he was head of global banking and markets for the Americas and had overseen a similar strategic challenge.
Analysts welcomed the plan, which proposed a ‘de-activation’ of 361 business units, including 112 full branches, and envisaged redundancy of 5,000 employees.
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