BTG Pactual to cut 25 pct of Brazil-based staff, source says
By Tatiana Bautzer and Guillermo Parra-Bernal
SAO PAULO Jan 27 (Reuters) - Grupo BTG Pactual SA is planning to dismiss up to 25 percent of Brazil-based staff, a source with direct knowledge of the matter said on Wednesday, as the embattled investment-banking firm downsizes operations following the November arrest of founder André Esteves.
According to the source, who requested anonymity because of the sensitivity of the issue, BTG Pactual has about 1,500 employees based in São Paulo, Rio de Janeiro and other Brazilian cities. Six associate partners, or bankers who each own less than a 0.22 percent stake in the bank, will be fired as part of the plan, the source added.
BTG Pactual declined to comment. (Editing by Jonathan Oatis)
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