The agreement includes early retirement and reduced hours for older employees, with a focus on those born in 1968 and earlier, the people said. It also includes details on severance packages and retraining programs for employees.
The agreement is central to Chief Executive Manfred Knof's plans to streamline the nation's second-biggest listed lender and return it to profitability.
Risk appetite got a boost after tepid underlying consumer prices data from the United States on Wednesday eased concerns about a likely surge in inflation from large stimulus packages, which had hammered markets in recent days.
Brazil's central bank said it would sell up to $1 billion in currency swaps on Thursday, extending its recent intervention in the foreign exchange market to support the depreciating currency.