- Started at the Brazil bank in 2005 after working for UBS
- Itau BBA cut seven debt-capital executives earlier this year
Jean-Marc Etlin, chief executive officer of Banco Itau BBA SA, is leaving the firm.
Etlin will depart at the end of December for personal reasons, the Sao Paulo-based bank said Wednesday in an e-mailed statement. Itau BBA, the corporate and investment-banking arm of the biggest Latin American bank by market value, hired Etlin in 2005 from UBS Group AG, where he was head of investment banking for Latin America.
Itau BBA cut seven executives earlier this year from its international debt-capital market business including the head of the division amid the worst year for investment banking in Brazil since at least 2005. International bond issuance by Brazilian companies tumbled 82 percent this year, to $7.67 billion, the lowest for that period since 2008, according to data compiled by Bloomberg.
Equity offerings aren’t doing any better in Brazil. The only initial public offering in the nation this year was from FPC Par Corretora de Seguros SA, an insurance brokerage that raised $229 million. Public offerings this year in Latin America have fallen 46.6 percent to $9.4 billion.
Economists predict the nation will log its longest recession since the Great Depression this year and next while president Dilma Rousseff is trying to shore up fiscal coffers to avoid additional credit-rating downgrades. Standard & Poor’s cut Brazil to junk last month and the International Monetary Fund predicted last week that Brazil’s economy would shrink 3 percent this year. A probe into corruption at Petroleo Brasileiro SA is adding to increased delinquencies on loans as suppliers to the oil company get pushed into a credit squeeze.
Etlin didn’t respond to a message seeking comments.