Deutsche Bank Is Planning to Cut Half Its Team in Brazilby , , and
Lender had 334 employees in the nation as of December 2014
Four directors, vice president said to have exited Tuesday
Deutsche Bank AG, the German lender exiting Latin American countries including Argentina and Mexico, is planning to cut about half its employees in Brazil as it moves trading elsewhere, five people with knowledge of the decision said.
At least four directors and a vice president were let go Tuesday, according to two of the people, who asked not to be identified because they’re not authorized to speak publicly on the subject. The bank had 334 employees in Brazil as of December 2014.
Deutsche Bank said in October that it planned to eliminate about 26,000 jobs worldwide over the next two years as part of an overhaul by Co-Chief Executive Officer John Cryan to simplify the lender and improve returns. In addition to Argentina and Mexico, the Frankfurt-based bank also intends to shut operations in Chile, Peru and Uruguay. Those five nations had a total of 269 employees, according to the firm’s 2014 financial statements.
The firm will keep its Brazil global transaction-banking business, which includes cash management for clients, trade finance and securities services, one of the people said. Also being retained are the domestic asset-management and corporate-finance businesses, the person said, adding that domestic trading operations will move from Brazil to global hubs.
Marcelo Lara Nogueira and Jessica Praum, two of Deutsche Bank’s four directors in the debt capital-markets financing and solutions group, were among those let go Tuesday, one of the people said. Nogueira and Praum didn’t respond to e-mails seeking comment.
Ricardo Minguez, a director in structured credit transactions, Augusto Faleiros, director of market risk, and Bruno Gebara, vice president of local-markets syndication, were also let go, the person said. Faleiros said he isn’t authorized to comment. Minguez and Gebara didn’t respond to e-mails.
Deutsche Bank is the 18th-biggest bank in Brazil, with total assets of 32.5 billion reais ($7.98 billion) and Tier 1 capital of 1.86 billion reais as of September 2015, according to the central bank.
Renee Calabro, head of press and media relations for the Americas at Deutsche Bank, declined to comment on job cuts in Brazil.