Banco Bradesco SA announced a new voluntary employee severance program aimed at streamlining the bank's structure, improving productivity and maximizing value for shareholders.
The company did not disclose how many employees it is targeting or the financial impact the program might have, but said it will publish those details after the program's conclusion.
Eligible employees who sign up for the program in the accession period from Sept. 2 through Oct. 16 will receive a number of benefits, including the continuation of their health plan for 18 months.
More than 7,000 employees signed up for a previous voluntary retirement scheme Bradesco launched in 2017.
André Cano, a vice president at the bank, said the new program is an adaptation to the advancement of technology, which has reduced the need for human resources, Estadão reported.
"The objective of the program is basically to adapt the bank's staff to a new reality in terms of processes and technology that we have been investing for a long time and have led the bank to greater productivity," he was quoted as saying. Bradesco also plans to close 100 branches in 2019, according to the report.
Other large Brazilian banks, including Itaú Unibanco Holding SA and Banco do Brasil SA, have announced similar workforce-reduction programs in 2019.
