Bulge Bracket Cuts in Brazil

Dec 1, 2008

Credit Suisse has made substantial cuts to its Brazil team. Among those departing the investment banking group led by José Olympio are Rafael Pagano, head of Brazil ECM, Enrico Carbone, a director covering real estate and technology, and Marcio Guedes, who covered the consumer and agricultural sectors, say people close to the situation. Four others are heard to have been asked to leave the investment banking division, which was apparently staffed with 25-30 professionals in Brazil earlier this year.

Also heard asked to leave is Roberto Attuch, head of Brazil equity research. Credit Suisse appears to have been forced in line with other countries, where main offices have been pared back gradually amid rapidly deteriorating investment banking conditions, particularly in ECM. Goldman Sachs has also made some adjustments to the top tier of its LatAm investment banking operation. Eduardo Centola has been removed from the Brazil investment banking operating committee and is no longer co-head of LatAm investment banking, according to a memo seen by LatinFinance. He will now focus on client relationships in the region. The Brazil committee, which he was formerly part of, is now made up of Andy Rabin, Antonio Pereira and Daniel Wainstein. All three report to Mexico-based Martin Werner,...

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