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

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 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
02/16DJBANCO DO BRASIL : Profit Dented by Shrinking Loan Portfolio -- Update
02/16DJBANCO DO BRASIL : Profit Dented by Shrinking Loan Portfolio
02/10 BANCO DO BRASIL : Acquisition of double leaf acoustics
02/10 BANCO DO BRASIL : Hiring of Preventive and Corrective Maintenance services
02/06 BANCO DO BRASIL : Maintenance services in Ornamental Vessels using the hydrocult..
02/06 BANCO DO BRASIL : Contracting of specialized technical and architectural service..
01/31 BANCO DO BRASIL : purchase at 2,100 units of Checks and reader C barcode, divide..
01/31 BANCO DO BRASIL : Hires of common engineering services for the building
01/31 BANCO DO BRASIL : The purchase of at 27,000 (27000) Microcomputers TMFDG units
01/30 BANCO DO BRASIL : Services of production of printed documents, play the file han..
More news
Sector news : Banks - NEC
12:29p Upstart analysts show banks the way in new era for research
12:24p European shares weighed down by insurers, exchange stocks
11:45aDJDEUTSCHE BANK : ETFs Provide Some Good News at Deutsche Bank
11:40aDJBARCLAYS : Appoints Ian Cheshire Ring-Fenced Bank Chairman Designate
11:03aDJU.S. and China Warehousing Giant GLP Moves Closer to Buyout
More sector news : Banks - NEC
News from SeekingAlpha
02/18 Banco Do Brasil's (BDORY) CEO Paulo Rogerio Caffarelli on Q4 2016 Results - E..
02/17 Banco Do Brasil SA ADR 2016 Q4 - Results - Earnings Call Slides
02/16 Cielo Leveraged To A Recovering Brazil, But There Are A Lot Of Moving Parts
2016 Bradesco Isn't Out Of The Woods, But The Credit Cycle May Be Bottoming
2016 Itau Unibanco Doing A Solid Job Of Juggling Chainsaws
Advertisement
Financials ( BRL)
Sales 2017 85 853 M
EBIT 2017 29 122 M
Net income 2017 11 597 M
Debt 2017 -
Yield 2017 3,12%
P/E ratio 2017 8,27
P/E ratio 2018 6,98
Capi. / Sales 2017 1,10x
Capi. / Sales 2018 1,05x
Capitalization 94 845 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
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 31,0  BRL
Spread / Average Target -6,4%
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 SA17.91%30 537
JPMORGAN CHASE & CO.4.68%323 225
WELLS FARGO & CO4.90%290 339
BANK OF AMERICA CORP9.64%243 575
INDUSTRIAL AND COMMRCL..6.58%242 076
CHINA CONSTRUCTION BAN..9.38%206 857
More Results