Deutsche Bank Global Markets Brazil Co-Head Leaves Firm

Deutsche Bank AG’s co-head of Global Markets Brazil, Nuno Correia, left the company as part of a global cost-cutting effort.

Correia’s departure comes as Deutsche Bank is “adjusting its structure to seek improvement of its operational excellence and to reduce expenses worldwide,” a spokeswoman for the lender said today, asking not to be identified in keeping with company policy. Correia won’t be replaced, she said. Fabio Ostronoff, a vice president, also left the Frankfurt-based company.

Deutsche Bank cut employees in its Brazilian investment bank and research units last month as part of an effort to save 4.5 billion euros ($6.1 billion) by 2015. The firm, which has about 500 employees in Brazil including workers from outsourcing services, didn’t say how many jobs were eliminated.

Correia declined to comment when reached by telephone.

The lender named Joel Roberto head of investment banking in Brazil last week to replace Jaime Singer, who is leaving to pursue personal projects, a spokeswoman said.

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