Bank of America on Tuesday named Rodrigo Xavier as the top executive for its wholesale and investment banking unit in Brazil, where the second-largest U.S. lender has enjoyed fast growth in recent years.
Xavier, a former head of UBS Banco UBS Pactual SA investment banking unit in Brazil and founder of investment firm Vinci Partners, will replace Alexandre Bettamio at Bank of America Merrill Lynch, according to an internal memo obtained by Reuters.
In the meantime, Bloomberg News reports that Bank of America’s global prime brokerage head, Stuart Hendel, is leaving the company, according to a person with direct knowledge of the move.
Hendel, 55, agreed to remain until May, said the person, who asked not to be identified because the move hasn’t been announced publicly. The bank, the second-biggest in the U.S., will disclose a replacement in coming weeks, the person said.
Finally, Bloomberg also reports that Christian Binaghi, Deutsche Bank’s head of Latin America trading, has left the firm.
Binaghi was a New York-based managing director who oversaw all Latin America trading, including currency, debt and equity. His departure was unrelated to regulatory investigations into the foreign-exchange market.