Bradesco Shutters Prop Desk

Bradesco has restructured part of its investment banking unit BBI and done away with its treasury desk, say people close to the matter. BBI’s nascent fixed income and proprietary trading desk, launched close to a year ago and headed by Patrick Gontier, has been closed down, with some of its assets and personnel having been tucked into BBI, say the market sources. Gontier has left the firm, though on what terms is unclear. Luis Galvao, head of BBI’s equities business, is now in charge of both fixed income and equities. BBI and its Bradesco Securities unit remain otherwise intact, say people at the firm, despite rumors in the local market of a broader retreat. BBI began operations as a standalone entity within Bradesco in early 2007. It has secured mandates in project finance, M&A, fixed income and even IPOs, though it still lags its competitor Itau BBA in every major category in local investment banking. Jose Luis Acar, who took over the unit following Bernardo Parnes’ departure to Deutsche Bank earlier this year, heads BBI.