A survey conducted by Valor over the past few days analyzed 213 human resources reports from 71 companies currently included in the B3 benchmark index, covering 2023, 2024, and 2025. Petrobras was excluded to avoid distorting the data. The analysis was made possible because the reports were attached to the reference forms that listed companies are required to file with the Securities and Exchange Commission of Brazil (CVM) by May 31, the mandatory deadline for updating corporate information.

Taken together, the 71 companies posted a net gain of 33,700 jobs in 2025, down from 37,600 the previous year, a decline of 10.2%.

In terms of total employment, headcount at the 71 companies grew 2.72% from 2023 to 2024. That pace slowed slightly to 2.38% from 2024 to 2025.

According to economists interviewed by Valor, the findings warrant close attention as they may signal an emerging slowdown in hiring among Brazil’s largest listed companies. “The question is whether this could prove to be a loss of momentum as a result of the high-interest-rate environment. It could also evolve from a cyclical phenomenon into something structural, depending on which sectors are affected. And remember, we are talking about an elite group of companies that are generally more insulated because of their market positions,” said Marcelo Manzano, professor of Brazilian Economics and Social and Labor Economics at the Institute of Economics of the University of Campinas (Unicamp).

Brazil’s largest banks posted the biggest declines in total headcount in 2025, reflecting continued branch closures and internal restructuring amid mounting competition from fintechs and initiatives to streamline processes and reduce staffing.

The figures do not necessarily imply direct layoffs, since the reported numbers reflect net headcount after both hiring and departures. Companies disclose only their total workforce at the end of each reporting period. Still, the data suggest shrinking employment in certain areas against a backdrop of profound changes in workforce utilization across the banking sector.

Among the largest net workforce reductions between 2024 and 2025, the highlights were: Santander (5,725 fewer employees, down 10%), Itaú Unibanco (3,700 fewer, down 3.8%), Bradesco (1,927 fewer, down 2.3%), and Banco do Brasil (1,368 fewer, down 1.6%). Santander, which posted the largest decline, described the changes in its filings under the “material changes” section of its human resources report as an “organizational restructuring.”

Only BTG Pactual expanded its workforce, adding 4,100 employees, a 55% increase, bringing total headcount to 11,700. In its disclosures to the CVM, the bank said it added 369 positions in Brazil as a result of acquisitions and newly incorporated companies, including its takeover of Banco Pan in 2025.

Valor also compared changes in workforce levels over recent years with employee turnover rates, which include both hiring and departures.

Across the sample, both the average and median turnover rates increased even as job growth slowed over the three years. The average turnover rate rose from 17.44% in 2023 to 18.79% in 2024 and reached 20.33% in 2025.

Among companies with relatively high turnover—above 15%, a threshold commonly used in HR literature—and declining workforce levels were Santander, Sabesp, Ambev, Suzano, and Natura. At Sabesp, which has come under scrutiny following infrastructure failures and explosions in São Paulo, headcount fell by more than 1,800 employees between 2024 and 2025, a 17.4% decline, while employee turnover more than tripled, rising from 7.27% to 26%.

Sabesp said in a statement that 3,800 employees joined its voluntary separation program in 2025, while the company hired 2,000 new workers—roughly half the number of departures—and that its strategy combines employee retention with the attraction of new talent. It added that it began 2026 with 9,600 employees, compared with 8,700 at the end of 2025.

At Ambev, headcount declined by 1,011 employees from a workforce of about 25,000 in 2024, while turnover jumped from 10% to 17.67%. Over two years, turnover doubled, and the company’s workforce shrank by nearly 4,200 employees, including 2,900 in Brazil’s Southeast region between 2023 and 2025. The brewer declined to comment.

Pulp producer Suzano reported nearly 4,500 employee departures in 2025, compared with 3,000 in 2024 and about 2,500 in 2023, according to its filings with the CVM.

The company said its turnover rate—calculated using only employee departures—increased from 13.8% in 2024 to nearly 20% in 2025. Total headcount declined by 886 employees between 2024 and 2025, from about 24,000, with reductions across all geographic regions in Brazil and abroad. Departures exceeded the net reduction as the company also hired employees during the period.

Suzano declined to comment directly but said in its filings that intense competition and the “prioritization of initiatives” required workforce reductions, citing “resource reviews and organizational restructuring.” The company also closed a printing and writing paper mill in January, eliminating 90 positions in a declining business segment.

In practice, turnover should not be viewed in isolation. High turnover combined with declining headcount may indicate companies under restructuring or reassessing workforce models, according to labor specialists.

“We are seeing companies of all sizes, including large corporations, frequently reassigning employees internally, often without salary adjustments. Part of that reflects efforts to improve productivity while keeping costs under control. Employees then leave voluntarily, affecting both turnover rates and final headcount,” said Cristina Helena de Mello, professor and researcher at PUC-SP and a governance adviser certified by the Brazilian Institute of Corporate Governance (IBGC).

Conversely, companies with low turnover and shrinking workforces may be experiencing what HR specialists call attrition, leaving positions vacant for extended periods or eliminating them. This pattern is also common in mature or consolidated businesses.

The number of companies fitting that profile increased from one in 2024—energy company Copel—to four in 2025: Banco do Brasil, Copasa, Marcopolo, and Motiva (formerly CCR).

Marcopolo said in its filings that “structural adjustments and changes in production volumes” led to the dismissal of 918 employees in 2025. The company’s net revenue in Brazil fell about 10% from 2024, while domestic production declined 8%.

The bus manufacturer said it continues to align its workforce with operational needs while investing in attracting, developing, and retaining talent.

Motiva attributed its workforce reduction to the closure of two ferry operations in Rio de Janeiro, affecting 852 positions, and the end of its 27-year highway concession for the Castello-Raposo system, resulting in another 607 job cuts. The company said these reductions occurred alongside the largest investment cycle in its history, exceeding R$60 billion, which continues to generate demand for skilled professionals. It hired 405 engineers in 2025 and plans to recruit another 150 in 2026.

In public filings, power utility Copel said it reduced headcount throughout 2023, 2024, and 2025 as part of a “financial cost optimization” strategy and does not immediately replace departing employees. The utility also noted that it has implemented annual voluntary separation programs and prioritizes internal redeployment. Although the company underwent a secondary share offering that privatized part of its capital in 2023, the policy predates that transaction. Water utility Copasa declined to comment, citing its ongoing privatization process.

Despite the challenging macroeconomic backdrop of high interest rates and persistent inflation weighing on household spending, several companies continued to expand their workforces while posting high turnover rates.

These were concentrated in retail, services—including healthcare, telecommunications, and car rentals—and construction. Examples include RD Saúde, Assaí, Fleury, Rede D’Or, MRV, Direcional Engenharia, and Vivo. Workforce expansion at these companies ranged from 1,700 to 9,100 employees between 2024 and 2025, while turnover rates ranged from 19% to 62%, with fashion retailer Renner posting the highest rate. Assaí’s turnover reached 55%, while RD Saúde’s stood at 45%, highlighting the complexity of managing personnel and labor costs.

Retail has historically experienced high employee turnover, serving as an entry point into the labor market for thousands of workers, while offering relatively low wages and making it easier for employees to move into sectors such as ride-hailing and delivery platforms.

At first glance, it may seem contradictory that companies closely tied to domestic demand continue hiring amid slowing consumption. But this partly reflects the rapid digitalization of businesses, as well as increasing personalization and segmentation in service industries. “For many companies, especially in healthcare and services, personalization is a constant demand, and that affects staffing levels,” said Professor Cristina de Mello. For Manzano, of Unicamp, the combination of high turnover and continued hiring in retail illustrates the intense digital competition among major platforms.

Mello added that discussing workforce management has become increasingly sensitive for companies, particularly amid debates over changes to Brazil’s workweek regulations. “Companies are more exposed, and it may reveal vulnerabilities in a more adverse economic environment, with rising operating expenses and higher capital costs,” she said.

The banks covered by the survey—which together eliminated 12,700 jobs between 2024 and 2025—said they are adapting to a changing operating model.

Santander, which accounted for the largest reduction, said customers increasingly demand digital, agile, and personalized solutions, and that the bank is responsibly adapting its processes, distribution channels, and organizational structure.

Itaú Unibanco said the decline in headcount is consistent with normal workforce management at an institution of its size and was spread across several business areas. Bradesco said the figures reflect the natural dynamics of personnel management while the bank continues investing in technology, innovation, and employee training to meet customer needs.