BTG Cuts 305 Brazil Workers; NYC Also Said to Be Affected
- Sao Paulo-based firm has 5,378 employees, with 1,653 in Brazil
- Plan to reduce bank's workforce targets 25% cost reduction
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Grupo BTG Pactual SA, the Brazilian investment bank that sought rescue financing last month after the arrest of its founder, cut 305 people from its workforce of 1,653 in Brazil.
The move was aimed at reducing expenses by 25 percent, Sao Paulo-based BTG said Thursday in a statement. None of the firm’s business lines have been eliminated, according to the statement.