By Tatiana Bautzer
SAO PAULO (Reuters) – Shares in state-controlled Banco do Brasil SA were down more than 5% in late afternoon trading on Friday, as Brazilian media reported that Chief Executive André Brandao may quit.
Brazilian newspapers O Estado de S. Paulo, O Globo and Valor Economico reported that Brandao, a former HSBC executive who has been at the helm of the bank for five months, would resign after coming under pressure from right-wing President Jair Bolsonaro.
Banco do Brasil and the presidential palace did not immediately respond to requests for comment.
This is the second round of speculation surrounding Brandao, who several Brazilian media outlets reported that Bolsonaro had fired in January after he launched a plan to close 361 branches.
Bolsonaro replaced the CEO of Petroleo Brasileiro SA last week after disagreements about the state-run oil company fuel pricing policy. The change has spooked investors.
(Reporting by Tatiana Bautzer; additional reporting by Anthony Boadle in Brasilia; editing by Jonathan Oatis)
