SAO PAULO, Dec 12 (Reuters) - State-controlled Banco do Brasil SA estimates its payroll expenses will fall by 2.3 billion reais ($681 million) next year after just over 9,400 staff signed up for an early retirement program.
In a Monday securities filing, Brazil’s No. 1 bank by assets said it will probably book 1.4 billion reais in one-time costs for the program, which was announced on Nov. 21 and targeted as many as 18,000 employees.
The plan aims to help cut payroll costs, boost profitability and enhance Banco do Brasil’s ability to generate capital organically.
$1 = 3.3770 reais Reporting by Guillermo Parra-Bernal; editing by John Stonestreet