Economy

Banco do Brasil's chief executive André Brandão remains in office

It is still unclear what is going to happen with the measures announced by the bank earlier, a plan that triggered Bolsonaro's distress

Banco do Brasil facade
Banco do Brasil branch facade. Photo: Shutterstock
  • Brandão was a target of possible dismissal by President Jair Bolsonaro;
  • Bolsonaro’s motivation for such a decision would be the plan announced by the bank to reduce its agency structure and open a voluntary resignation program for 5,000 employees, to save 2.7 billion reais by 2025;
  • The plan displeased Bolsonaro due to the potential political erosion of the measure.

State-owned Banco do Brasil‘s chief executive André Brandão, a target of possible dismissal by President Jair Bolsonaro, will remain in office, according to government officials heard by Folha de S. Paulo.

On Wednesday, BandNews stated that Banco do Brasil’s chief executive had been fired by Bolsonaro’s decision after announcing the closure of bank branches and a voluntary resignation program.

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On Thursday, President Jair Bolsonaro was silent about the possible dismissal of the chief executive.

Even with Brandão in office, it is still unclear what is going to happen with the measures announced by the bank earlier, a plan that triggered Bolsonaro’s distress. Sources linked to the bank say that there has still been no update about the progress of the plan.

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The plan announced by Banco do Brasil last Monday was to reduce its agency structure and open a voluntary resignation program for 5,000 employees, to save 2.7 billion reais by 2025.

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