BNDES head steps down

BNDES head steps down

People Economy & Policy Capital Markets Politics Regulation Brazil

Joaquim Levy has stepped down as CEO of Brazil's national development bank BNDES after President Jair Bolsonaro said he had put a "price on his head." Bolsonaro threatened to dismiss Levy if the bank executive did not fire Marcos Barbosa Pinto as the head of capital markets at BNDES. Levy quit instead. Pinto worked at BNDES and the securities regulator CVM during the administration of President Luiz Inácio Lula da Silva. He was also a partner at the local private equity firm Gávea Investimentos.

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