New York: Bank of America Corp, the largest US bank by assets, hired two of Barclays Capital's top fixed-income executives in Brazil as it seeks to tap growth in Latin America.
Roge Rosolini, most recently Barclays' head of fixed income, currencies and commodities in Brazil, will co-lead fixed income at Bank of America with Juca Andrade, according to an employee memo obtained by Bloomberg News. The Charlotte, North Carolina-based bank also hired Andre Rizzo from Barclays to head fixed-income and currency sales in Brazil, according to the memo from Bryan Weadock, co-head of global fixed-income, commodities and currencies sales, and Bernie Mensah, global head of emerging markets sales and trading excluding Asia.
More responsibility
Pedro Giral, head of emerging markets sales in Latin America, will leave the firm and return to Mexico, according to the memo, the contents of which were confirmed by Kerrie McHugh, a spokeswoman for Bank of America. The bank is giving additional responsibilities to Fabio Da Silva and Jose Tavarez on an interim basis as co-heads of Latin America fixed-income sales excluding Brazil, according to the memo.
US lenders and international firms are trying to compete against entrenched players based in Brazil, such as Banco Itau BBA SA, the investment-banking unit of country's largest lender. Brazilian firms often have a greater capacity to finance local deals and stronger local contacts.
Rosolini worked at JPMorgan Chase & Co for nine years before joining Barclays in 2006, according to the memo. He and Rizzo will work in Sao Paulo. Brandon Ashcraft, a Barclays spokesman, declined to comment.
Brazil, which has experienced boom-and-bust cycles of inflation, currency devaluations and interest-rate swings since the end of military government in 1985, is surging again. Gross domestic product expanded 7.5 per cent last year, the most in two decades, compared with 2.8 per cent in the US and 1.3 per cent in the UK, according to the IMF.
