Itaú CEO Says 80% of His Decisions Cut His Bonus, Defends Remote-Work Dismissals

Overview

• Milton Maluhy said most of his choices reduce his annual bonus because they prioritize outcomes aligned with clients and shareholders over short-term gains.
• He explained that about 1,100 remote employees were dismissed for delivering roughly 20% of expected output, with many apologizing and admitting to double or even triple jobs during work hours.
• The bank will keep hybrid work but will tighten controls and define schedules to prevent abuses without ending home office arrangements.
• Addressing internal ethics cases, he said an ex-CFO is accused of a roughly R$5 million fraud and a former marketing vice president was fired for corporate card misuse, calling ethical standards nonnegotiable.
• He welcomed competition from fintechs but argued many charge higher revolving credit rates and benefited from pandemic-era digitalization and abundant capital.