Deutsche Poaches Bradesco’s Parnes for Brazil

Deutsche Bank has poached Bernando Parnes, CEO of Bradesco’s investment banking unit, to become Deutsche Bank’s chief country officer for Brazil. Parnes, who was hired by Bradesco in June 2006 to build its investment banking business, will take up his new post in Sao Paulo in August, reporting to Americas CEO Seth Waugh and EM head Dalinc Ariburnu. Parnes previously worked as CEO of Safra Group’s JSI Investimentos and as country head for Brazil at Merrill Lynch. The move is a setback for Bradesco, which is making a push to build out its BBI investment banking platform. As the key executive behind this push, Parnes oversaw an aggressive hiring push and building out of BBI over the past year and a half.