In a statement on 20 November 2016, Banco do Brasil announced an administrative restructuring plan that includes the closing of hundreds of branches and an advanced retirement program (Valor). Under the plan, the Bank will close 402 branches and convert another 379 branches into service stations. The Bank’s advanced retirement program will allow 18,000 employees to receive, in addition to payouts by tenure, a bonus of twelve monthly salaries (Folha de S. Paulo). According to the release, changes will occur throughout 2017 and will allow the Bank to eliminate over 9,000 of its 109,000 positions. With the restructuring plan, Banco do Brasil expects to save US$223 million (Valor).