Bradesco revamps structure to recover profitability
Bradesco’s new CEO, Marcelo Noronha, unveiled on Wednesday (7) a plan designed to put the bank back on a path towards increasing profitability, after the worsening in its results in recent years.The new strategy includes a new organization structure, as previously reported by Valor, and aims to increase the focus on high income, technology, and efficiency gains. Another goal is to launch new initiatives in the areas of small and medium-sized enterprises (SMEs), credit, and digital retail. The main points are as follows.Change in structureThe bank said it downsized its executive board, which should make communication and the decision-making process easier, in addition to cutting costs, but did not provide further details. The current structure is comprised of the CEO, four vice-presidents, seven managing-executive-directors, three deputy-executive-directors, 16 department directors, 41 directors, and 14 regional directors. Mr. Noronha said the position of executive-director will not disappear, but explained that, whenever someone is promoted, they will no longer leave their previous role. He also said the compensation package is being reviewed and should be approved in March.Breaking with the bank’s tradition, which has always valued its homegrown talents, Bradesco will name an outsider as the new vice-president for the recently created digital business unit and for Human Resources. The bank also divided executives into two teams, one that will handle everyday operations ("run the bank") and another that will oversee the digital revolution ("change the bank"). A new position, of chief transformation officer, was created and will be held by Cassiano Scarpelli, the current chief financial officer. According to the bank, the new structure will result in a lesser number of layers.High incomeAiming to strengthen the high-income segment, Bradesco is creating a new customer segment, which will be placed between "Prime" and "Private." The plan for high income involves re-segmenting the customer base by increasing the service level, expanding remote service, and boosting multichannel, in addition to strengthening humanized service. With the new strategy, Bradesco hopes to increase its "share of wallet" in the area by 50%. It currently has 1.7 million customers. The bank will also improve integration with the Ágora brokerage firm and plans to increase the number of customers...
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