Deutsche Bank Latin America CEO to Exit With Grelle Promoted

Updated on
  • Renato Grelle to take new post June 1; Parnes to leave Aug. 1
  • Parnes joined German lender in 2008, worked at Merrill Lynch

Bernardo Parnes, chief executive officer of Latin America operations at Deutsche Bank AG, is planning to leave the firm, handing off oversight of the Brazil unit to Renato Grelle.

Parnes, who joined Deutsche Bank in 2008 as CEO for Brazil, confirmed to reporters on Tuesday in Sao Paulo that he will step down Aug. 1. Grelle, who’s been with the bank since 1999 and in Brazil for a year, will assume his new post June 1.

Deutsche Bank is exiting Latin American countries including Argentina and Mexico and is planning to cut about half its employees in Brazil as it moves trading elsewhere, five people with knowledge of the decision said in January. The bank has about 300 direct and indirect employees in Brazil now, said Maria Teresa Pereira Leite, chief operating officer for Latin America.

The German lender said in October that it planned to eliminate about 26,000 jobs worldwide over the next two years as part of an overhaul. The transformation includes selling some assets in Argentina and Mexico, Parnes said Tuesday, without providing a value. In addition to exiting those countries, 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 company’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, Parnes said. Also being retained are the domestic asset-management and corporate-finance businesses, he said, adding that domestic trading operations will move from Brazil to global hubs in London and in the U.S.

Parnes previously worked as CEO in Brazil for Merrill Lynch and for Banco Bradesco BBI SA. He was a wealth manager for billionaire Joseph Safra.