SANTIAGO, Feb 23 (Reuters) - The Chilean arm of Brazilian financial group BTG Pactual said Tuesday that it had fired 16 percent of its workforce, as part of cost-cutting restructuring in the wider company following the arrest of its billionaire founder.
BTG Pactual Chile said that the reduction of 58 workers was aimed at cutting costs by around 25 percent.
Last month, the Brazilian parent fired some 18 percent of its Brazil-based staff. It is seeking to sell assets and raise cash following the arrest of its billionaire founder Andre Esteves in November, which triggered massive client money outflows.
Esteves was detained on suspicion of obstructing the largest graft probe in Brazil’s history.
BTG Pactual Chile said the job cuts would not affect business operations. Despite press speculation about an impending sale late last year, the Chilean business has not been formally put up for sale.
Reporting by Felipe Iturrieta, Writing by Rosalba O'Brien, Editing by W Simon