State-owned Bank of Brazil said Monday that it is closing more than 400 branches with up to 18,000 jobs possibly facing the axe. The reduction in retail outlets will save the company 750 million reais, with savings mounting to 3.8 billion reais ($1.12 billion) if the full amount of voluntary redundancies takes place. A minimum 9,300 of the total 109,159 jobs are scheduled for cutting, the bank said in a statement. Severance packages will include 12 to 15 months' salary.
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