Private Banks in Brazil Close 1,000 Branches in Pandemic

The increased use of digital channels leads banks to expedite their strategy of reducing in-person attendance and to redesign their spaces.

RIO DE JANEIRO, BRAZIL - With the increase in digital practices because of the pandemic, a trend has gained momentum among the country's three largest private banks: the closure of bank branches.

In 2020 alone, around 1,000 in-person service points of Itaú Unibanco, Bradesco and Santander have shut their doors, resulting in the dismissal of 11,000 employees. This is a sharp increase over last year, when these same banks closed 430 branches and closed 7,000 jobs. The goal is to cut costs and readjust the service to customer demands.

In turn, many surviving branches are undergoing . . .

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