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Petrobras (PBR) Stock Climbs as 11,704 Employees Join Layoff Program

NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were rising in late-morning trading on Friday after disclosing that 11,704 employees signed up for its voluntary dismissal plan that ended August 31.

Brazil's state-owned oil company estimates that the program will cost about 4 billion reais, or $1.23 billion, and could save as much as 33 billion reais through 2020.

The amount of employees who decided to leave was in line with Petrobras's expectations that up to 12,000 employees would leave as part of the dismissal plan.

But Brazil's primary oil union warns that the layoffs could negatively...


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