January 14, 2019 / 1:47 PM / in 4 days

Brazil's Banco Bradesco shuffles management in bid to boost revenue

FILE PHOTO: Brazil's Banco Bradesco SA CEO Octavio de Lazari gestures as he attends an interview with Reuters in Osasco, Brazil March 13, 2018. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - In his first major management reshuffle since taking the helm of Brazil’s Banco Bradesco SA (BBDC4.SA), Chief Executive Officer Octavio de Lazari has cut the number of executive vice-president positions as part of a consolidation to boost revenue.

The country’s second largest private lender said in a statement on Monday it was reducing the number of executive vice presidents from six to four, with Josué Augusto Pancini and Mauricio Machado de Minas leaving their positions but remaining as board members.

The new divisions will focus on retail, wholesale and high-income clients, while the new information technology vice-president position will support all business areas, Bradesco said.

The changes come almost one year into de Lazari’s tenure as CEO, with the goal of increasing revenue per client.

Eurico Fabri, Marcelo Noronha and Cassiano Scarpelli will continue overseeing retail, wholesale and high-income clients, but they will expand their divisions. André Cano will take over the information technology operations, in addition to areas he was already responsible for, such as the legal department and human resources.

The four remaining vice presidents will be larger and more powerful. Bradesco’s move is similar to a reorganization that its main rival, Itaú Unibanco Holding SA (ITUB4.SA), did in 2015.

Bradesco’s preferred shares were up 0.27 percent in early morning trading, roughly in line with Brazil’s benchmark index Bovespa.

The bank also said Leandro Miranda, the former managing director of its investment banking unit, will be promoted to oversee Bradesco’s investor relations. Henrique Lima will take over Miranda’s post at Bradesco BBI.

Reporting by Carolina Mandl; Editing by Mark Potter and Paul Simao

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