Bradesco Cuts 3,000+ Jobs and Branches as Profit Rebounds
Banking: Brazil
Key Facts
—Earnings. Bradesco reports second-quarter 2026 results on 5 August; first-quarter recurring net income hit R$6.811 billion (about US$1.34 billion), up 16.1% year on year.
—Job cuts. The bank closed 3,017 net positions in the 12 months to March 2026 — 3,131 of them unionized bank staff — ending the quarter with 80,348 employees.
—Branches. Over the same 12 months it shut 346 branches, 1,053 smaller service points and 15 business units, leaving 1,938 branches open.
—Backdrop. Full-year 2025 recurring profit reached R$24.652 billion (about US$4.85 billion), up 26.1%, with return on equity of 14.8%.
—Context. The “step-by-step” turnaround under CEO Marcelo Noronha leans on digital migration and cost cuts, drawing repeated protests from the banking union.
Brazil’s Bradesco heads into its 5 August second-quarter results having stacked up rising profits while steadily shrinking its payroll and branch network, a squeeze that has repeatedly put the bank at odds with its union.
A Profit Rebound Built on Fewer Workers
Bradesco, one of Brazil’s largest private-sector banks, has spent the past two years engineering a turnaround. Its first-quarter 2026 recurring net income reached R$6.811 billion (about US$1.34 billion), up 16.1% from a year earlier and its ninth consecutive quarter of rising profit. Return on equity climbed to 15.8%.
That recovery has come alongside a shrinking headcount. The bank ended March 2026 with 80,348 employees, of whom 68,822 are classified as bank workers under Brazil’s labor rules. Over the previous 12 months it cut 3,017 net positions, including 3,131 unionized banking jobs — the figures differ because some support roles were added even as front-line staff fell.
For foreign readers, the pattern is familiar from banking worldwide: profits rise as lenders lean on digital channels and trim physical operations. What stands out in Brazil is the scale, and the political friction, given that big banks here are regulated as public concessions.
The Numbers Behind the Branch Closures
The physical retreat is just as steep. In the 12 months to March 2026, Bradesco closed 346 branches, 1,053 smaller service points known locally as PA and PAE, and 15 business units. It ended the quarter with 1,938 branches, 1,723 service points and 706 business units still operating.
The pace has accelerated. In calendar 2025, the bank had cut 1,927 net positions and closed 296 branches. The rolling 12-month figures reported in May 2026 are markedly higher, a sign the restructuring deepened into early 2026 rather than easing off.
In the first quarter alone, Bradesco eliminated 1,747 positions, 1,728 of them unionized bank staff. Its customer base tells the other side of the story: 110.3 million clients, up 500,000 over 12 months even as the branch map contracted.
What Noronha’s ‘Step-by-Step’ Plan Actually Does
Chief executive Marcelo Noronha launched a multi-year transformation plan in early 2024, aimed at lifting profitability and closing a return gap with rivals such as Itaú. The bank describes execution as running at an accelerated pace, built on technology investment, staff reskilling and a flatter, faster decision-making structure.
The revenue engine, not cost-cutting alone, drives the profit line. Bradesco has cited double-digit growth in its financial margin, service fees and insurance. Its expanded loan book reached R$1.089 trillion (about US$214 billion) at the end of 2025, up 11% year on year, with a growing tilt toward secured lending such as payroll and auto loans.
The full-year 2025 recurring result was R$24.652 billion (about US$4.85 billion), up 26.1% on 2024, with return on equity of 14.8%. That rebound is what management points to as proof the plan is delivering.
Why the Banking Union Is Pushing Back
Brazil’s banking union has turned each Bradesco result into a flashpoint. Its argument is blunt: a bank posting billions in profit and operating as a public concession should not be shedding jobs and closing branches at this rate.
Union officials say the cuts overload the staff who remain, feeding burnout and health problems tied to aggressive sales targets. They also note that fee and service income alone covered more than 117% of the bank’s personnel costs, including profit-sharing — evidence, they argue, that Bradesco could afford to hire rather than fire.
The dispute is heading into Brazil’s 2026 national bank-workers’ campaign, the annual round of collective bargaining, where job security and branch closures are set to be central demands at the negotiating table.
What the August 5 Results Will Show
Bradesco publishes its second-quarter 2026 results on 5 August. Analysts at XP expect it to be the standout among Brazil’s big banks, projecting recurring net income near R$7.0 billion (about US$1.38 billion), up roughly 15% year on year, with revenue momentum as the main driver.
A year earlier, in the second quarter of 2025, the bank earned R$6.1 billion (about US$1.20 billion) in recurring profit, up 28.6%, with return on equity of 14.6%. Loans more than 90 days overdue sat at 4.1%, a level management has called stable across most segments.
The market will watch whether the headcount and branch reductions continue at the same clip, and whether asset quality holds as Brazil’s economy slows under a 14.25% benchmark Selic rate. For expats and investors, the report is a read on how far a Brazilian megabank can push efficiency before the human and reputational costs bite back.
Frequently Asked Questions
When does Bradesco report its Q2 2026 results?
Bradesco is scheduled to publish its second-quarter 2026 earnings on 5 August 2026. Analysts expect recurring net income near R$7.0 billion (about US$1.38 billion), which would extend a multi-quarter run of profit growth.
How many jobs and branches has Bradesco cut?
In the 12 months to March 2026, Bradesco closed 3,017 net positions — 3,131 among unionized bank staff — and shut 346 branches, 1,053 service points and 15 business units, ending the quarter with 1,938 branches and 80,348 employees.
Is Bradesco profitable while it cuts staff?
Yes. Its first-quarter 2026 recurring net income was R$6.811 billion (about US$1.34 billion), up 16.1%, and full-year 2025 profit was R$24.652 billion (about US$4.85 billion), up 26.1%, even as the workforce and branch network shrank.
Connected Coverage
More on Brazil’s banks and their turnaround plans.
Bradesco Q1 Profit Beats at R$6.8B as Turnaround Hits Ninth Straight Quarter of Growth
Sources: Sindicato dos Bancários de São Paulo, CNN Brasil, InfoMoney, Seu Dinheiro / XP Investimentos.
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