Union Reports 170 Layoffs at Banco Master After Central Bank Liquidation

Overview

• The union says it received reports that 170 employees were dismissed at the Banco Master conglomerate following last month’s extrajudicial liquidation by the Central Bank.
• Banco Master has not confirmed the reported layoffs, and the union has requested a meeting and a formal response.
• Union secretary-general Lucimara Malaquias criticized the lack of information and said employees face the year-end period without predictability.
• Remaining staff report a climate of insecurity due to the absence of dialogue and information from the court-appointed liquidator.
• Valor reported, citing sources, that the cuts could represent nearly half of the workforce and are concentrated in products, marketing and leadership, and neither Master nor the liquidator’s firm commented.