June 15, 2020 / 2:53 PM / 22 days ago

Brazilian broker XP hires local JPMorgan CEO to lead banking ops

SAO PAULO (Reuters) - Brazilian broker XP Inc (XP.O) hired José Berenguer, JPMorgan CEO in Brazil, to lead its wholesale banking business, the broker said in a statement on Monday.

The broker did not say when Berenguer will become the CEO of its banking unit Banco XP SA and added he needs to comply with “garden leave” requested by JPMorgan.

A high profile banker, Berenguer said in the statement he decided to join XP saying the broker is trying to change Brazilian financial market, highly concentrated among the largest banks.

Reporting by Tatiana Bautzer; Editing by Nick Zieminski

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