SAO PAULO Nov 21 Banco do Brasil SA's
plan to save as much as 3.05 billion reais ($903
million) by shedding up to 18,000 jobs stems from the need to be
a stronger digital player, boost returns and catch up with
rivals, Chief Executive Office Paulo Rogêrio Caffarelli said on
The state-controlled lender plans to close 402 branches,
downsize another 379 and give early retirement to employees who
accept terms proposed during an offer period ending Dec. 9.
Expected annual savings, excluding personnel costs, could be as
much as 750 million reais.
($1 = 3.3769 reais)
(Reporting by Guillermo Parra-Bernal; Editing by Robin Pomeroy)