Skip to main content

The Globe and Mail

Brazil’s bank workers begin nationwide strike

A resident walks in front of a closed bank in downtown Rio de Janeiro Sept. 18, 2012. Workers at Brazilian banks began a strike on Tuesday.

SERGIO MORAES/REUTERS

Brazil's bank workers began a nationwide strike on Tuesday over demands for better pay and working conditions, according to national financial-sector workers' union Contraf.

The workers' demands include a nominal wage increase of 10.25 per cent, a profit-sharing agreement, better health and working conditions and better security.

On Aug. 28, Brazil's national banking federation Fenaban offered a 6-per-cent nominal wage increase amounting to a 0.5-per-cent rise after accounting for inflation – a package the union rejected as "insufficient."

Story continues below advertisement

Bank shares fell across the board on Tuesday on Brazil's bourse. Shares of Itau Unibanco, Brazil's largest non-government bank, slipped 1.36 per cent, while those of rival Bradesco fell 1.23 per cent. Shares of state-controlled Banco do Brasil dropped 1.67 per cent.

Brazil's benchmark Bovespa index little changed, up just 0.05 per cent at 61,837.00.

Report an error
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.