Petrobras says 12% of staff to take voluntary early retirement

Petrobras (PBR +0.3%) says it has cut its workforce by 12.4% through a voluntary separation program launched in January, and expects to save at least 13B Brazilian reais ($5.85B) during 2014-18 thanks to the program.

PBR says it bought out 8,298 employees, 55% of whom are expected to part ways with the company this year.

In the short term, the buyouts will come at a price tag of 2.4B reais, which PBR will provision in its Q1 results, scheduled for release later this week.

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Comments (7)
  • Stone Fox Capital
    , contributor
    Comments (10079) | Send Message
    wow... thats a huge amount of the workforce.
    5 May 2014, 11:39 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (708) | Send Message
    PBR will never be a good investment until they get rid of their largest shareholder.
    5 May 2014, 11:49 AM Reply Like
  • ComputerBlue
    , contributor
    Comments (1395) | Send Message
    Amen to that Rope a Dope.
    5 May 2014, 11:51 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (708) | Send Message
    I will say that PBR must have one of the best management teams on the planet if they have survived this long dragging that anchor.
    5 May 2014, 12:01 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (4323) | Send Message
    I remember back in the 80s when Telebras got rid of about a third of their staff just by requiring that the workers pick up their paychecks in person. Turned out that a good many of the folks on the payroll were deceased, fictitious, etc.
    5 May 2014, 12:51 PM Reply Like
  • lsuavecito
    , contributor
    Comments (2578) | Send Message
    Forget the stock which is/has been a laggard. Look at the bonds, Baa1, Moody, that mature in '20 and '21.
    5 May 2014, 01:47 PM Reply Like
  • Bogie 1
    , contributor
    Comments (145) | Send Message
    It looks like after 2018 there will be more for the corrupt government to take!
    5 May 2014, 01:55 PM Reply Like
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