Society

Bolsonaro remains silent about possible dismissal of Banco do Brasil's chief executive, André Brandão

This morning, Banco do Brasil stated that it had not received a formal communication on Brandão's alleged dismissal

Banco do Brasil headquarters in São Paulo
Banco do Brasil headquarters in São Paulo. Photo: Reuters/ Amanda Perobelli
  • On Wednesday, BandNews stated that Banco do Brasil’s chief executive, André Brandão had been fired by Bolsonaro’s decision after announcing the closure of bank branches and a voluntary resignation program;
  • This morning, Banco do Brasil stated in a note that it had not received a formal communication on Brandão’s alleged dismissal;
  • President Jair Bolsonaro remained silent about the matter.

President Jair Bolsonaro was silent on Thursday about the possible dismissal of Banco do Brasil‘s chief executive, André Brandão.

Asked by supporters about the news broadcasted by BandNews TV the day before, that the federal government, the bank’s controller, ordered the executive to resign, Brazil‘s president did not respond.

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Other media outlets later published that the plan announced by the bank on Monday to reduce its agency structure and open a voluntary resignation program for 5,000 employees, to save 2.7 billion reais by 2025, displeased Bolsonaro due to the potential political erosion of the measure.

Asked by journalists on the subject, Vice President Hamilton Mourão said he had not received any extra information about it, and that the topic was being discussed between Bolsonaro and Economy Minister Paulo Guedes.

At 11.05 am, Banco do Brasil’s stock fell 0.7% at São Paulo stock exchange B3, against the market trend, with Ibovespa rising 0.8%. The day before, the bank’s share had already fallen 4.94%.

Banco do Brasil declared this morning in a note that it had not received any official communication from the controlling shareholder about Brandão’s alleged dismissal.

Translated by LABS

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