February 7, 2020 / 12:50 PM / 18 days ago

Brazilian bank Caixa preparing overhaul to increase sales

SAO PAULO, Feb 7 (Reuters) - Brazilian state-owned lender Caixa Economica Federal is preparing an administrative overhaul including a voluntary severance program and branch closures, a document reviewed by Reuters showed.

Management will submit the plan to the board of directors in the coming weeks.

The plan includes 6,200 job promotions to increase product sales.

Caixa intends to have one top-manager overseeing roughly 15 branches. Part of their salary will depend on sales, as variable salary. Currently, one top-manager deals with hundreds of branches.

At the same time, Caixa is preparing a new voluntary severance program aimed at mid-level employees.

It also intends to close an unknown number of branches in big cities, a step taken by rivals as lenders focus more on digital banking.

CEO Pedro Guimaraes intends to increase Caixa’s fee income, one source said.

Caixa declined to comment on the matter.

The move comes as Caixa prepares to list some of its units, such as insurance and cards. (Reporting by Aluisio Alves; editing by Jason Neely)

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