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Banco do Brasil shares down almost 5% amid rumors of CEO resignation

RIO DE JANEIRO,  BRAZIL - After the market closed on Friday, February 26th, however, Banco do Brasil released a statement saying that its CEO has not submitted his resignation.

This Friday's session was again turbulent for state-owned companies. According to information from O Globo newspaper, which quotes presidential palace sources, Banco do Brasil's CEO André Brandão had handed in his resignation to President Jair Bolsonaro. Consequently, the bank's share price sharply dropped toward the end of the day, closing down 4.92% at R$28.05, after losing 5.39% at the day's minimum.

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