Credit Suisse, the third-biggest investment bank by revenue last year in Brazil, is cutting nine executives from its fixed-income and structured-products business in the nation amid an industry slump, said two people with knowledge of the matter.
Bloomberg News reports that Sergio Machado, a managing director and head of the business, will leave the Zurich-based bank soon, the people said, asking not to be named because no public announcement has been made. Eight executives from the team have departed already, leaving about eight others still employed, the people said. Machado didn’t reply to telephone calls and e-mails seeking comment.
Marcelo Kayath, head of equities and fixed income for Latin America at Credit Suisse, planned to leave in March, according to an internal memo sent to employees in January.
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