{"id":98980,"date":"2026-06-25T17:36:54","date_gmt":"2026-06-25T20:36:54","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98980"},"modified":"2026-06-25T17:36:54","modified_gmt":"2026-06-25T20:36:54","slug":"brazils-blue-chip-companies-slow-hiring-as-cost-pressures-mount","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazils-blue-chip-companies-slow-hiring-as-cost-pressures-mount\/","title":{"rendered":"Brazil\u2019s blue-chip companies slow hiring as cost pressures mount"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"medium-centered subtitle\">\n<h6 class=\"content-head__subtitle\" style=\"text-align: center\"><em>Ibovespa-listed firms added fewer jobs in 2025 as companies froze hiring, cut staff<\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-06-25T08:47:10.570-03:00\">06\/25\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"63\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Companies that make up the current\u00a0<strong>Ibovespa<\/strong>\u00a0portfolio\u2014the stock market\u2019s blue-chip names in terms of trading liquidity\u2014employ nearly 1.5 million people in Brazil, but posted a smaller net increase in jobs in 2025 than in 2024. At the same time, the number of companies that froze or eliminated positions increased, a trend specialists view as a way to preserve cash and boost productivity.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"78\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A survey conducted by\u00a0<strong>Valor\u00a0<\/strong>over the past few days analyzed 213 human resources reports from 71 companies currently included in the\u00a0<strong>B3 benchmark index<\/strong>, 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\u00a0<strong>Securities and Exchange Commission of Brazil (CVM)<\/strong>\u00a0by May 31, the mandatory deadline for updating corporate information.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"106\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">According to economists interviewed by Valor, the findings warrant close attention as they may signal an emerging slowdown in hiring among Brazil\u2019s largest listed companies. \u201cThe 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,\u201d said\u00a0<strong>Marcelo Manzano<\/strong>, professor of Brazilian Economics and Social and Labor Economics at the Institute of Economics of the University of Campinas (Unicamp).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Brazil\u2019s largest\u00a0<strong>banks\u00a0<\/strong>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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Among the largest net workforce reductions between 2024 and 2025, the highlights were:\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/06\/22\/santander-pushes-global-ai-strategy-already-seeing-results.ghtml\">Santander<\/a><strong>\u00a0<\/strong>(5,725 fewer employees, down 10%),<strong>\u00a0Ita\u00fa Unibanco\u00a0<\/strong>(3,700 fewer, down 3.8%),\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/05\/08\/bradesco-trims-risk-appetite-as-macro-outlook-worsens.ghtml\">Bradesco\u00a0<\/a>(1,927 fewer, down 2.3%), and\u00a0<strong>Banco do Brasil<\/strong>\u00a0(1,368 fewer, down 1.6%). Santander, which posted the largest decline, described the changes in its filings under the \u201cmaterial changes\u201d section of its human resources report as an \u201corganizational restructuring.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Only\u00a0<strong>BTG Pactual expanded its workforce<\/strong>, 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"20\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Valor also compared changes in workforce levels over recent years with employee turnover rates, which include both hiring and departures.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Among companies with relatively high turnover\u2014above 15%, a threshold commonly used in HR literature\u2014and declining workforce levels were Santander, Sabesp, Ambev, Suzano, and Natura. At Sabesp, which has come under scrutiny following infrastructure failures and explosions in S\u00e3o 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%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Sabesp\u00a0<\/strong>said in a statement that 3,800 employees joined its voluntary separation program in 2025, while the company hired 2,000 new workers\u2014roughly half the number of departures\u2014and 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At\u00a0<strong>Ambev<\/strong>, 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\u2019s workforce shrank by nearly 4,200 employees, including 2,900 in Brazil\u2019s Southeast region between 2023 and 2025. The brewer declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Pulp producer\u00a0<strong>Suzano<\/strong>\u00a0reported 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The company said its turnover rate\u2014calculated using only employee departures\u2014increased 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Suzano declined to comment directly but said in its filings that intense competition and the \u201cprioritization of initiatives\u201d required workforce reductions, citing \u201cresource reviews and organizational restructuring.\u201d The company also closed a printing and writing paper mill in January, eliminating 90 positions in a declining business segment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"65\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe 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,\u201d said\u00a0<strong>Cristina Helena de Mello<\/strong>, professor and researcher at PUC-SP and a governance adviser certified by the Brazilian Institute of Corporate Governance (IBGC).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The number of companies fitting that profile increased from one in 2024\u2014energy company Copel\u2014to four in 2025: Banco do Brasil, Copasa, Marcopolo, and Motiva (formerly CCR).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Marcopolo said in its filings that \u201cstructural adjustments and changes in production volumes\u201d led to the dismissal of 918 employees in 2025. The company\u2019s net revenue in Brazil fell about 10% from 2024, while domestic production declined 8%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The bus manufacturer said it continues to align its workforce with operational needs while investing in attracting, developing, and retaining talent.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"76\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"78\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In public filings, power utility Copel said it reduced headcount throughout 2023, 2024, and 2025 as part of a \u201cfinancial cost optimization\u201d 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"75\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">These were concentrated in retail, services\u2014including healthcare, telecommunications, and car rentals\u2014and construction. Examples include RD Sa\u00fade, Assa\u00ed, Fleury, Rede D\u2019Or, 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. Assa\u00ed\u2019s turnover reached 55%, while RD Sa\u00fade\u2019s stood at 45%, highlighting the complexity of managing personnel and labor costs.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"83\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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. \u201cFor many companies, especially in healthcare and services, personalization is a constant demand, and that affects staffing levels,\u201d 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"36\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Mello added that discussing workforce management has become increasingly sensitive for companies, particularly amid debates over changes to Brazil\u2019s workweek regulations. \u201cCompanies are more exposed, and it may reveal vulnerabilities in a more adverse economic environment, with rising operating expenses and higher capital costs,\u201d she said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The banks covered by the survey\u2014which together eliminated 12,700 jobs between 2024 and 2025\u2014said they are adapting to a changing operating model.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"38\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"39\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Ita\u00fa 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.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"40\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Banco do Brasil said its 1.6% reduction is broadly stable and consistent with normal retirements and employee departures. Its turnover rate, at 2.27%, remained low and stable, reinforcing its ability to retain employees and maintain predictable workforce management. BTG Pactual, which expanded its workforce, declined to comment.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Adriana Mattos\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Sosurce: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ibovespa-listed firms added fewer jobs in 2025 as companies froze hiring, cut staff 06\/25\/2026\u00a0 Companies that make up the current\u00a0Ibovespa\u00a0portfolio\u2014the stock market\u2019s blue-chip names in terms of trading liquidity\u2014employ nearly 1.5 million people in Brazil, but posted a smaller net increase in jobs in 2025 than in 2024. At the same time, the number of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26991,26990],"class_list":["post-98980","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-as-cost-pressures-mount","tag-brazils-blue-chip-companies-slow-hiring"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brazil\u2019s blue-chip companies slow hiring as cost pressures mount - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazils-blue-chip-companies-slow-hiring-as-cost-pressures-mount\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil\u2019s blue-chip companies slow hiring as cost pressures mount - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Ibovespa-listed firms added fewer jobs in 2025 as companies froze hiring, cut staff 06\/25\/2026\u00a0 Companies that make up the current\u00a0Ibovespa\u00a0portfolio\u2014the stock market\u2019s blue-chip names in terms of trading liquidity\u2014employ nearly 1.5 million people in Brazil, but posted a smaller net increase in jobs in 2025 than in 2024. 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