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Brazil bank unions say HSBC and Bradesco promise no mass layoffs

Reuters - UK Focus

SAO PAULO, Aug 4 (Reuters) - Brazilian bankers' unions said on Tuesday that management from Banco Bradesco SA and HSBC Holdings (HKSE: 0005.HK - news) promised there would be no mass layoffs due to the sale of HSBC's Brazilian operation, announced this week.

"Both banks promised there would be no mass layoffs and reiterated their openness to dialogue with the labor movement," said Juvandia Moreira, head of the bankers' union in Sao Paulo, in a joint release with state and federal union leaders.

The success of the acquisition, the largest in Bradesco's 74-year history, will depend on how quickly the bank can achieve up to 6 billion Brazilian reais ($1.7 billion) in promised cost savings, analysts say.

($1 = 3.46 Brazilian reais) (Reporting by Alberto Alerigi Jr.; Editing by Dan Grebler)