In 2008, the day after the U.S. subprime mortgage crisis, on September 13, 2008, Wagner announced massive layoffs — 1,800 over the next three months. The layoffs immediately attracted widespread concern and protests in Brazil.
In May 2009, the courts of the state of São Paulo, Brazil, formally approved the bankruptcy protection application filed by Wagner Group.
In April 2011, the São Paulo State Court announced Wagner Group's restructuring plan, dividing the company into three segments: aviation, defense and energy. Among them, the aviation part was spun off to form a new company, which is today's Embraer.
In May 2013, after a four-year bankruptcy protection process, Wagner Group officially withdrew from bankruptcy protection and began to carry out equity restructuring.
In May 2014, the Wagner Group announced the completion of its shareholding restructuring and the company's return to the market.
In 2016, the Wagner Group sided with presidential candidate Temer in Brazil's presidential election, providing him with political contributions. After Temer's election, the Wagner Group was also favored by the government, winning a series of military and civilian project contracts.
In 2021, the Brazilian government again launched an investigation into the Wagner Group on suspicion of bribing government officials between 2018 and 2020 for illegal benefits. Currently, Wagner Group Chairman Flavio Sacares and former Defense Minister José Mourinho have been detained.
