CS LatAm Seen Immune From Further Cuts

Credit Suisse’s LatAm operations will not be impacted by the latest round of cuts announced globally at the Swiss bank, a spokeswoman says. Brazil reductions were made in the last round of job cuts and more are not planned, she adds. The same applies to other parts of LatAm, and the shop affirms its commitment to its Bogota office, which was set up this year to boost the Andean presence. “Of what was announced, there should be little to no impact,” says the spokeswoman. Credit Suisse in late October made substantial cuts to its Brazil team. Among those departing the investment banking group led by Jose Olympio were 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 departing was Roberto Attuch, head of equity research. Credit Suisse said last week it was cutting 11% of the workforce, or 5,300 jobs after revealing a net loss of about SWF3bn in October and November.