28 de enero de 2016 / 15:01 / en 2 años

Powell to leave BTG Pactual as bank downsizes

NEW YORK, Jan 28 (IFR) - BTG Pactual’s LatAm syndicate head Cynthia Powell is leaving the Brazilian investment bank, which is downsizing in the wake of last month’s departure of chief executive Andre Esteves.

Powell, who joined BTG Pactual in 2011, previously worked at JP Morgan, where she was head of EM syndicate.

Sandy Severino, who is head of LatAm DCM at BTG Pactual, is expected to remain at the bank.

The investment bank plans to cut up to 25% of its Brazil based staff in Brazil, where BTG Pactual has about 1,500 employees, according to Reuters News.

The layoffs are expected to take place in various areas including investment banking, sales and trading as well as money management.

Esteves’s arrest in December as part of the corruption investigation at oil company Petrobras dented the market’s confidence in the bank.

Esteves passed control of Latin America’s biggest independent investment bank to seven partners, who have been reducing the bank’s balance sheet and selling assets. (Reporting by Paul Kilby; Editing by Marc Carnegie)

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