Brokerage GBM to Shut Brazil Office, Cut Jobs Amid Recessionby , , and
GBM Grupo Bursatil Mexicano SA, a Mexican brokerage and research firm, will cut about 75 percent of its staff in Brazil and transfer its remaining workers out of the country, the head of the unit said.
The Mexico City-based company will shut its office in Sao Paulo this month and cut about 15 jobs, said Diego Ramos, head of GBM Brasil. Five workers with the research department will be relocated to Mexico and Chile and continue to cover Brazil.
GBM got authorization to operate in Brazil in 2007, joining a flood of foreign companies that expanded in the Latin American country as the economy boomed and commodities rallied. Now, it adds to the ranks of businesses scaling back operations or pulling out altogether as Brazil is stuck in its longest recession since the 1930s.
"We’re closing our broker dealer business in Brazil,” Ramos said by telephone. “But we’re keeping our main DNA operations: research.”