May 17, 2019 / 6:38 PM / 3 days ago

Brazil's Caixa looks to cut 3,500 employees through buyouts

SAO PAULO, May 17 (Reuters) - Brazil’s state-controlled bank Caixa Econômica Federal said on Friday it will offer buyouts aimed at cutting 3,500 jobs at the company.

According to the bank, the main target of the program are 28,000 employees who work in the headquarters and in some regional offices of Caixa. The program opens on Monday and runs through the beginning of June.

The bank had 85,000 workers at the end of 2018, the latest available data on that indicator.

It said there are no plans, for now, to close branches. The state bank has 4,400 offices in Brazil. (Reporting by Aluisio Alves Editing by James Dalgleish)

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