Economics
Brazil's Itau Said to Be Seeking Cheaper New York Offices
- Rent at bank's Fifth Avenue location among highest in Midtown
- Expense reductions intensify after first-quarter profit drops
General Motors Building Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
Brazil’s Itau Unibanco Holding SA plans to move out of its New York City office on the 50th floor of the General Motors Building, which features views of Central Park and some of the highest rents in Midtown, a person familiar with the matter said.
The firm, Latin America’s biggest bank by market value, is searching for a new location in Manhattan as part of a global cost-cutting effort, the person said, asking not to be identified because the plan hasn’t been publicly announced. The current office on Fifth Avenue employs about 150 people who handle corporate and investment banking, asset management and broker-dealer businesses for the Sao Paulo-based company.