SAO PAULO Dec 12 State-controlled Banco do
Brasil SA estimates its payroll expenses will fall by 2.3
billion reais ($681 million) next year after just over 9,400
staff signed up for an early retirement program.
In a Monday securities filing, Brazil's No. 1 bank by assets
said it will probably book 1.4 billion reais in one-time costs
for the program, which was announced on Nov. 21 and targeted as
many as 18,000 employees.
The plan aims to help cut payroll costs, boost profitability
and enhance Banco do Brasil's ability to generate capital
($1 = 3.3770 reais)
(Reporting by Guillermo Parra-Bernal; editing by John