In brief
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ stopped nationally on September 10 after more than 90% of bases rejected the bank-specific agreement, with the health plan at the centre.
Banco do Brasil has partial stoppages in five regions, while the general bank-workers convention is already signed.
What we know
04Verified fact · material
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ employees began an open-ended national strike on September 10, after more than 90% of union bases rejected the bank-specific collective agreement, with the Saúde CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ plan and other items negotiated since June as sticking points, per Agência Brasil and InfoMoney.
Defines the strike's scope and cause.
Verified fact · material
At Banco do Brasil the stoppage is partial, in Brasília, Rio de Janeiro, Porto Alegre, Pernambuco and Florianópolis, bases that rejected the collective-convention proposal, per Agência Brasil and InfoMoney.
Bounds the reach at BBBanco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗.
Verified fact
The general bank-workers convention, signed by Fenaban on September 9, provides full INPC replacement plus a 0.6% real increase in 2026 and 2027 for 414,000 workers; it is not the instrument rejected at CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗, which has its own agreement, per Agência Brasil.
Avoids attributing the general index to the strike's cause.
Sources[01]Verified fact
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ said it keeps dialogue open with the unions and scheduled a new negotiation round for September 10; unions advise keeping the strike until advances are put to assemblies, and BBBanco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗ takes part in Fenaban's general table and a bank-specific table, per Agência Brasil, Poder360 and Estado de Minas.
Next steps in the negotiation.
Transmission to assets
Market read-through
For BBAS3Banco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗ the operational effect is marginal while the stoppage stays partial; for CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗, unlisted, the impact shows in service, FGTS and housing credit.
The strike's length depends on the bank-specific table on the Saúde CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ plan.
Portfolio impact
02A partial stoppage reduces service and origination in five regions.
Marginal while partial.
What would change the view: Relevant only if the strike goes national.
A national strike closes branches and delays benefit and housing operations.
Operationally negative for the state bank.
What would change the view: Duration depends on the Saúde CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ table.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- Outcome of the CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ negotiation round and new assemblies.
- Adherence at BBBanco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗ in the five bases and any extension.
- Effect on benefit payments and FGTS withdrawals.
Limits of the reporting
What remains uncertain
- Effective first-day adherence is not quantified by sources.
- The INPC plus 0.6% index refers to the general convention, not to the proposal rejected at CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗.