Troubles at European financial institutions have started to spill over to their LatAm operations, resulting in a series of layoffs at several banks late last year. The Royal Bank of Scotland (RBS), for one, moved to shed more staff in November at its US offices, in yet another sign that the bank is stepping back from its LatAm business.
Both DCM and credit traders dedicated to the region were heard being let go or reshuffled into other areas such as FX or rates, leaving what one described as “very small teams.” This came just weeks after the British bank said it was cutting 30 positions in Brazil, including the head of investment banking operations in Brazil, Carlos Braga.
Similarly, ING has announced staff reductions across its LatAm trading, research and DCM groups as the bank moves to comply with Basel III rules and set aside money for...
Already have an account?
Subscribe
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Subscribe
Free trial
Take a free two-week trial now for the latest news, data and market analysis.
Free Trial