Barclays Brazil Executives Said to Depart Amid Cutbacks

Barclays Plc (BARC)’s head of credit trading in Brazil and two directors left as the lender pares its global fixed-income, currencies and commodities business, two people with knowledge of the matter said.

Luciano Suana, who ran credit trading in Sao Paulo, departed the bank last week along with Marcelo Lara Nogueira, director of global finance and risk solutions, the people said, asking not to be named because the moves haven’t been announced. Robert Carlson, a debt capital-markets director in New York who worked on Latin American bond sales, and Noel Zanoni, a trader in the rates and fixed-income area in Sao Paulo, also left, according to the people.

Barclays, the U.K.’s second-largest lender by assets, is shrinking its FICC unit as low interest rates and dwindling volatility curb trading profits. Revenue from the business dropped 44 percent in the third quarter to the lowest since 2011, contributing to a 26 percent decline in quarterly pretax profit for the bank. London-based Barclays is slated to report full-year earnings on Feb. 11.

Telephone messages left with Nogueira and Suana weren’t returned, and Carlson and Zanoni didn’t answer calls. Barclays declined to comment.

Barclays is searching for a new chief executive officer for Brazil after a scale-back that included giving up two of the firm’s five floors in a Sao Paulo office building, three people familiar with the matter said in November.

The new CEO will replace Monalisa Guarda, who took on the position in June amid a management shakeup at the Brazil unit, the people said, asking not to be identified because the matter is private. Guarda was Barclays’s credit-risk director for Latin America from 2007 to 2012, when she was appointed Brazil chief administrative officer, a title she still holds.

Profit Goals

Barclays closed its Brazilian equity-research unit at the beginning of last year as part of a global restructuring aimed at eliminating businesses that don’t meet profit thresholds.

Global investors pulled $6.3 billion from developing-nation equities in the week ended Jan. 29, the biggest outflow since August 2011, Barclays said earlier this month, citing data from EPFR Global.

Brady Dougan, Credit Suisse Group AG’s CEO, said today that conditions in emerging markets have worsened this year.

“They’ve been a little bit more challenging, and that has impacted the business,” Dougan, 54, said in a Bloomberg Television interview in Zurich.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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