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

4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Banco do Brasil SA    BBAS3   BRBBASACNOR3

BANCO DO BRASIL SA (BBAS3)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

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 CET

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 [email protected] and Jeff Fick at [email protected]

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
12/12 BANCO DO BRASIL SA : Dividend payable from reserves or sale of assets
12/09 BANCO DO BRASIL : Hogan Lovells Advises Banco Votorantim S.A. in US$300 Million ..
12/04 BANCO DO BRASIL : Reforma Adequates of the New Environment in the space to be sh..
11/22 BANCO DO BRASIL SA : Dividend payable from reserves or sale of assets
11/03 BANCO DO BRASIL : Hire of services technical specialist for commissioning of ins..
11/02 BANCO DO BRASIL : contracting of common engineering services for the adaptation ..
11/01 EXCLUSIVE : Shareholder in Brazil's Oi leans on distressed debt funds for suppor..
11/01 Exclusive - Shareholder in Brazil's Oi leans on distressed debt funds for sup..
10/25 BANCO DO BRASIL : Hogan Lovells Represents Banco Do Brasil SA in US$1 Billion Is..
10/19 BANCO DO BRASIL : to use $1 billion from debt sales in foreign ops
More news
News from SeekingAlpha
12/07 Banco do Brasil S.A. (BDORY) Apimec Meetings 2017 (Sao Paulo) - Slideshow
11/13 Banco Do Brasil (BDORY) Q3 2017 Results - Earnings Call Transcript
11/10 Banco Do Brasil SA ADR reports Q3 results
08/13 Banco Do Brasil SA ADR reports Q2 results
08/11 Banco Do Brasil's (BDORY) Q2 2017 Results - Earnings Call Transcript
Financials ( BRL)
Sales 2017 82 446 M
EBIT 2017 22 918 M
Net income 2017 10 660 M
Debt 2017 -
Yield 2017 3,58%
P/E ratio 2017 7,82
P/E ratio 2018 6,76
Capi. / Sales 2017 1,06x
Capi. / Sales 2018 1,03x
Capitalization 87 195 M
Chart BANCO DO BRASIL SA
Duration : Period :
Banco do Brasil SA Technical Analysis Chart | BBAS3 | BRBBASACNOR3 | 4-Traders
Technical analysis trends BANCO DO BRASIL SA
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 37,9  BRL
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Paulo Rogério Caffarelli President, CEO & Executive Director
Fabrício da Soller Chairman
Carlos Hamilton Vasconcelos Araujo VP-Services, Infrastructure & Operations
Alberto Monteiro de Queiroz Netto CFO, VP-Finance Management & Investor Relations
Antonio Gustavo Matos do Vale Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
BANCO DO BRASIL SA13.30%26 481
JP MORGAN CHASE & COMPANY22.76%366 091
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD33.33%309 691
BANK OF AMERICA30.23%300 819
WELLS FARGO7.71%292 716
CHINA CONSTRUCTION BANK CORPORATION28.49%239 452