Brazil's StoneCo cuts about 370 jobs, Valor reports
SAO PAULO, March 11 (Reuters) - Brazilian payments firm StoneCo STNE.O has cut about 370 jobs, local newspaper Valor Economico reported on Wednesday, citing an estimate based on reports from employees.
The cuts have affected different areas within the company and represent about 3% of StoneCo's total staff, Valor added.
StoneCo said it has made a "one-off adjustment in its structure as part of an ongoing process of simplification and efficiency gains."
The company did not say the number of workers that it has cut nor the impacted areas.
Sao Paulo union for information technology workers Sindpd-SP called the move a "mass layoff," noting it had happened during talks for a new collective labor agreement.
The union, which also did not mention the size of the cuts, said it is going to the court to request the workers regain their jobs.
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