Itau Pares Research and Sales

Itau Securities, the research, sales and trading arm of Brazil’s largest bank, has eliminated several prominent executives as part of a round of redundancies. A number of senior research analysts have been cut, say insiders. Among those heard let go are Tomas Awad, head of equity strategy and real estate, Marcelo Brisac, head of natural resources and mining research, and Luciano Campos, in charge of healthcare and education research. In addition, Sergio Tamashiro, who covers utilities, and Ricardo Fernandez, head of consumer, also left. Also heard among the casualties are Alexandre Guedes, head of equity research sales, and New York-based sales and research executive David Lineweaver. The named executives could not be reached for comment or direct confirmation, though a company source confirmed the departures. The losses are related to the markets downturn, as well as the merger with Unibanco.