RIO DE JANEIRO, BRAZIL -The country's five major state-owned companies - Banco do Brasil, Correios, Caixa, Petrobras, and Eletrobras - lost more than 111,000 employees between the beginning of 2015 and March this year. Together, they cut just over a quarter of their staff during that period, retrenching to a total of 327,397, according to the Economy Ministry's Panorama of State-Owned Enterprises.
The largest declines were at Eletrobras (-45.8%) - which is about to be handed over to the private sector - and Petrobras (-42%).
This contraction is driven by a combination of factors, ranging from the . . .
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