Itaú makes layoffs due to low productivity in remote work

Itaú Unibanco made a series of layoffs on Monday, the 8th, mainly of remote employees, citing low productivity. Several reports surfaced on social media throughout the day. On Monday afternoon, the Bank Employees' Union of São Paulo, Osasco, and the Region released a statement "repudiating the layoffs" at the bank.

Itaú confirmed the layoffs in a statement to Estadão/Broadcast , but emphasized that they occurred after a "careful review" of individual remote work practices. The bank did not disclose the number of layoffs, but said there were no mass layoffs or furloughs.

"Itaú Unibanco carried out layoffs today (Monday, 8) resulting from a careful review of conduct related to remote work and workday recording."

According to the bank, "in some cases, standards were identified that were incompatible with our principles of trust, which are non-negotiable for the bank." "These decisions are part of a responsible management process and aim to preserve our culture and the relationship of trust we have built with customers, employees, and society," Itaú's statement states.

There were several comments on social media. "I found this mass layoff of so many developers at Itaú Bank strange," wrote one user on X. "Mass layoffs at Itaú Unibanco," wrote another. The messages ranged from reports of 1,000 to 5,000 layoffs.

"It is unacceptable that an institution that records billions in profits promotes mass layoffs under the justification of 'productivity.' Technological advances and gains resulting from digitalization could be converted into better working conditions and decent employment," the bank workers' union statement states.

In total, Itaú has 95,700 employees here and in the countries where it operates. Of this total, 85,800 are in Brazil alone.