Banco Bradesco’s Top Management Changes Are Not A Surprise According To Luiz Carlos Trabuco

The banking industry in Brazil is a tight-knit group. Brazilian banks have to make decisions that often contradict what the government is trying to do especially now that the economy is a growth mode again. This is an election year in Brazil. That means anything can happen.

Even popular former President Lulu is fighting his conviction, so he can run for office again. But his second request to overturn his fate didn’t go his way. Lulu is out of the running, but there was talk that Luiz Carlos Trabuco, the current Chairman of Bradesco should get into politics as the finance minister of the country.

Current President Temer did talk to Trabuco about taking that job. But Luiz isn’t leaving the bank after almost fifty years of service. But Bradesco is going through some top management changes. One of the major changes is the exit of 91-year-old Lázaro de Mello Brandão. Brandão’s retirement is not a surprise. The oldest banker in the country is ready to step down. In fact, he was ready to retire long before he did, but Trabuco and the Board of Directors had to put a management plan in place that would not impact earnings in a negative way. That’s way Trabuco acted as CEO and Chairman for a few months.

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Seven men on Trabuco’s management team were in line for the CEO position. And all those men are long-term Bradesco executives. But in the end, Octavio de Lazari, the man who gave the bank the profit it needed to break income projections in 2017 is the new Bradesco CEO. Lazari was the vice-president in charge of Seguros, the bank’s insurance division. Octavio will continue to report to Trabuco and the Board of Directors. But four other CEO candidates are also moving into top positions within the bank. At the annual shareholders meeting March 12th investor relations Vice-President Alexandre Glüher, operation head Josué Pancini, and IT Vice-President Mauricio Minas, as well as Executive Vice President Domingos Figueiredo de Abreu, are now bank board members. They will stay in their current position and also have a seat on the Board of Directors. The bank’s goal is to get younger bankers on the board, according to Mr. Trabuco.

Octavio de Lazari is not wasting any time making CEO decisions. Lazari told the press the bank will continue to close underperforming local branches, and he will continue to add more programs that increase the bank’s online services. Mr. Lazari also wants to lend more money to people who can afford to pay it back. Interest rates are down, and that’s good news for Bradesco and other banks. The only missing piece of the executive team was Lazari replacement at Seguros. But that piece is in place now. Vinicius Almeida Albernaz is the new head of the bank’s insurance division.

Mr. Lazari’s four decades of banking experience will help him address other challenges facing Bradesco in 2018, according to Chairman Trabuco. Plus, Trabuco is still around to finish some of his internal projects and to keep the bank on track so investors continue to support the bank.

Luiz Carlos Trabuco is one of Bradesco’s top executives. For the last eight years, Trabuco put his personal stamp on the bank as the president and CEO of the bank. He started as a clerk and after long years of working in the bank he achieved the highest position due to his hardworking and dedication. He graduated in University of Sao Paolo with Degree in Psychology.

Check more about Luiz Carlos Trabuco: https://oglobo.globo.com/economia/bradesco-anuncia-novo-presidente-octavio-de-lazari-junior-vai-substituir-luiz-carlos-trabuco-cappi-22365414#ixzz56wDld69g