Credit Suisse Axes Brazil Bankers

Credit Suisse, a leading LatAm investment banking franchise, has made substantial cuts to its Brazil team. Among those departing the investment banking group led by Jose Olympio are Rafael Pagano, head of Brazil ECM, Enrico Carbone, a director covering real estate and technology, and Marcio Guedes, who covered the consumer and agricultural sectors, say people close to the situation. Four others are heard to have been asked to leave the investment banking division, which was apparently staffed with 25-30 professionals in Brazil earlier this year. Also heard asked to leave is Roberto Attuch, head of equity research. Credit Suisse’s Brazil office is understood to have held off from axing staff until yesterday. But it appears to have been forced in line with other countries, where main offices have been pared back gradually amid rapidly deteriorating investment banking conditions, particularly in ECM. The up to nine staff reductions appears to represent a larger percentage of the local investment banking division than the 5% or so Credit Suisse says it is cutting globally, with 500 reductions. Carbone was hired from Merrill Lynch earlier this year to head real estate investment banking following the departure of Adriano Borges. Pagano was tapped this year to fill part of the role of Sebastien Chatel, New York-based head of ECM, who left to join former UBS colleagues at Merrill also earlier this year. Attuch is one of the bank’s leading LatAm analysts and was responsible for covering financials. A Credit Suisse spokeswoman declines to comment on specific departures.