Brazilian investment bank BTG Pactual has axed 305 or 18% of its 1,653 workforce in Brazil as part of its strategy to slash costs.
The move is targeted at reducing the bank’s total costs by 25%, BTG said a securities filing.
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However, the job cuts will not entail the closure of any business units.
"No business line was or will be deactivated, and the bank will continue to cater to clients with the same dedication, excellence and service quality," the bank said in its filing.
The cost cutting program follows the arrest of the bank’s founder and former head André Esteves in connection with a nationwide corruption scandal.
For the fourth quarter of 2015, total assets at the bank dipped 12% to R$266.6bn compared to the previous quarter.
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