Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  BOLSA DE VALORES DE SAO PAULO  >  Banco do Brasil SA    BBAS3   BRBBASACNOR3

End-of-day quote. End-of-day quote  - 07/30
21.05 BRL   --.--%
06/30DJBrazil Court Accepts Telecom Oi Request for Bankruptcy Protection
06/29DJBANCO DO BRASIL : Brazil Court Accepts Telecom Oi Request for Bankru..
06/22DJCREDIT MARKETS : Bankruptcy Filing By Phone Firm Hits Big Brazilian ..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Brazil Bank Workers Reject Latest Offer as Strike Reaches 16 Days -- Update

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/05/2013 | 01:15am CEST

By Rogerio Jelmayer and Jeff Fick

SAO PAULO--Brazil's main banking labor union said late Friday that it would recommend striking workers reject the banks' latest offer and continue a walkout that has reached 16 days.

The National Bank Federation, or Febraban, has offered a 7.1% salary increase, which is above the previous 6.1% offer but still well below the 11.93% pay raise sought by the bank workers.

However, the Contraf-CUT union said in a statement that the offer was "insufficient" and failed to address demands for better working conditions.

The annual battle over wages comes amid weaker-than-expected economic growth and lower interest rates, which have crimped bank profits. Growth is expected to be around 2.5% this year. Yet inflation remains persistently high, and is currently running at around 6%.

"The proposal must be examined considering not just the gains of this year, but also those of recent years, which are fairly significant," said the labor relations director at Febraban, Magnus Ribas Apostolico. The banks' federation said salaries have increased by more than 58% over the last seven years, while inflation has risen 42%.

According to the union, nearly half of Brazil's 20,000 bank branches were closed as of Friday, but so far most of the administrative staff hasn't been affected. They are responsible for maintaining Internet and ATM services, which many Brazilians can use to transfer money and pay bills even if branches are shut down.

The average monthly salary for a bank employee in Brazil is 4,400 Brazilian reais ($2,000), while the average salary in Brazil is around BRL1,848 a month.

Strikes over wages have become a regular occurrence in Brazil's banking sector in recent years as banks' profits have soared amid stable economic growth. Although they can hinder customers, the strikes rarely have a major impact on banks' operations or profits.

According to analysts, strikes in recent years had no effect on banks' results because they continued their normal operations via other tools, such as ATMs and the Internet.

Last year, bank workers went on a strike for nine days. At the time, workers started negotiations demanding a 10.25% pay raise, but eventually accepted a 7.5% increase.

Brazil's biggest banks in terms of assets and clients are state-run Banco do Brasil SA (>> Banco do Brasil SA) and Caixa Economica Federal, and private-sector banks Itau Unibanco Holding SA (ITUB, ITUB4.BR), Banco Bradesco SA (BBD, BBDC4.BR) and Banco Santander Brasil SA (BSBR, SANB11.BR).

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com and Jeff Fick at jeff.fick@wsj.com

Stocks mentioned in the article : Banco do Brasil SA
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANCO DO BRASIL SA
06/30DJBrazil Court Accepts Telecom Oi Request for Bankruptcy Protection
06/29DJBANCO DO BRASIL : Brazil Court Accepts Telecom Oi Request for Bankruptcy Protect..
06/22DJCREDIT MARKETS : Bankruptcy Filing By Phone Firm Hits Big Brazilian Bank -- WSJ
06/21DJOi's Bankruptcy Filing Drags Down Banco do Brasil's Shares
06/10DJBANCO DO BRASIL : Brazil's Caixa Studies Cutting Dividend to Government
06/10DJBANCO DO BRASIL : Brazil's Caixa Studies Cutting Dividend to Government
05/31DJPetrobras Board Names Pedro Parente as New CEO
05/26DJBrazil Names New Heads of Banco do Brasil and Caixa Economica Federal
05/20DJBrazil's Troubled Oil Giant Gets New Leader -- WSJ
05/19DJPedro Parente Named CEO of Petrobras
More news
Sector news : Banks - NEC
07:09aDJSWIBER : Singapore's Swiber Applies for Judicial Management, Withdraws Liquidati..
01:47a ALLIED IRISH BANKS : says stress test not reflective of current performance
01:47a Deutsche Bank scrapes through European banks stress test
07/29 Monte dei Paschi approves privately-backed rescue plan
07/29DJMost European Banks Survive Stress Test--Update
More sector news : Banks - NEC
News from SeekingAlpha
03/16 Itau Unibanco Doing A Solid Job Of Juggling Chainsaws
2015 5 Dividend Value Stocks I Want To Buy Cheaper
2015 Banco Do Brasil's (BDORY) Q3 2015 Results - Earnings Call Transcript
2015 Banco Do Brasil (BDORY) on Q2 2015 Results - Earnings Call Transcript
2015 Will Brazil's Credit Cycle Be Different This Time For Itau Unibanco?
Advertisement
Financials ( BRL)
Sales 2016 84 070 M
EBIT 2016 26 110 M
Net income 2016 9 510 M
Debt 2016 -
Yield 2016 3,99%
P/E ratio 2016 6,47
P/E ratio 2017 5,52
Capi. / Sales 2016 0,72x
Capi. / Sales 2017 0,69x
Capitalization 60 317 M
More Financials
Chart BANCO DO BRASIL SA
Duration : Period :
Banco do Brasil SA Technical Analysis Chart | BBAS3 | BRBBASACNOR3 | 4-Traders
Full-screen chart
Technical analysis trends BANCO DO BRASIL SA
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 20,7  BRL
Spread / Average Target -1,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Alexandre Corrêa Abreu Chief Executive Officer & Director
Manoel Carlos de Castro Pires Chairman
César Augusto Rabello Borges VP-Operations, Services & Infrastructure
José Maurício Pereira Coelho VP-Financial Management & Investor Relations
Geraldo Afonso Dezena da Silva Vice President-Technology
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BANCO DO BRASIL SA49.59%18 618
WELLS FARGO & CO-11.76%243 546
JPMORGAN CHASE & CO.-3.12%233 916
INDUSTRIAL AND COML BA..-6.33%223 927
CHINA CONSTRUCTION BAN..-12.98%168 909
BANK OF AMERICA CORP-13.90%148 840
More Results