Brazil’s largest private sector bank, Bradesco, said on Wednesday it will shut the trading business of its investment banking unit, only two years after setting it up, as risk-averse investors flee emerging market assets.
Patrick Gonthier, the treasury desk chief at Banco Bradesco de Investimento (BBI), stepped down, the bank said. It gave no details of other staff moves.
“The business model for the treasury desk at BBI was realigned and it will now focus its activities on structuring of products and distribution of bonds, while the trading activities will be transferred to the treasury desk at Banco Bradesco,” the bank said in a statement.
Bradesco, whose focus has always been on retail banking and insurance, launched the BBI unit in June 2006, seeking a piece of the booming business for underwriting stocks and advising on mergers and acquisitions in Latin America’s largest economy.
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