According To Chairman Luiz Carlos Trabuco
It takes a lot to get the attention of the world’s banking industry. Banking is the life-force of the global capitalistic economy, but most banks like to stay under the banking radar for a number of reasons. But when it comes to making money and shaking things up in the Brazilian economy, Banco Bradesco is on that radar. Bradesco is number two in the banking industry in Brazil, but the bank is number one in news making accomplishments.
One of those accomplishments is the promotion of CEO Luiz Carlos Trabuco to Chairman of the Board. Trabuco is taking the big job because Lázaro de Mello Brandão is retiring. Some bankers feel Brandão’s retirement is long overdue. He is the oldest bank chairman in Brazil’s banking industry, and one of the first people Bradesco hired in 1943 when the bank got started.
But even though Brandão is retiring, he will still come to the office to help Trabuco. CEO Luiz Carlos Trabuco is not the kind of banker who would turn down a chance to get help from 91-year-old Lázaro de Mello Brandão, even though he has a capable executive team. The executive team is responsible for the increase in operating income and the growth of assets under management in 2017. Bradesco may be the second largest bank in Brazil, but in terms of investor interest, Bradesco is number one. And Wall Street credits Trabuco for the bank’s performance.
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Lázaro de Mello Brandão retirement will give Trabuco the opportunity to bring the bank’s operations into the 21st century. He will need a strong CEO to make that happen because the 5,000 bank branches are creating serious operational issues. Brazilians want to bank online. More Brazilians are using their mobile devices to complete bank transactions. That’s why the leading candidate to replace Trabuco as CEO is an IT guy. Mauricio Machado de Minas is the Bradesco vice president responsible for creating Next, the digital-only bank according to economia.estadao.com.br. He is in charge of the bank’s IT department and a long time Bradesco employee. But six other qualified Bradesco executives are also in the running. Andre Cano, Marcelo Noronha and Octavio de Lazari, the president of Banco Seguros are also in the candidate pool. Cano is in charge of human resources and Noronha heads the investment division. Chief risk manager, Alexandre da Silva Glüher is also a candidate, and Chief loan officer Domingos Figueiredo Abreu and Josué Augusto Pancini, the vice president in charge of bank branches also have a shot at becoming the new CEO.
But filling Trabuco’s shoes as CEO is not going to be easy. Trabuco is not an ordinary banker. He is not an accountant. He’s more philosopher than a financial wizard and he’s a people’s person thanks to his graduate degree in psychology.
Trabuco got a job with Bradesco in 1969 after graduating from the University of Sao Paulo. Mr. Trabuco didn’t waste any time showing bank executives his management skills.
In 1984, he became a bank officer. and in 1999 Trabuco got the title of vice president but his banking skills didn’t stop there. In 2003, Banco Seguros, the insurance division of the bank needed help so Trabuco got the job. He became the CEO of that division. He spent five years at Seguros, and in 2009 he got the recognition he deserved. Trabuco became the CEO of Bradesco that year, and he hasn’t missed a banking beat since then.
The new CEO will surface a month before the March annual shareholders meeting. No one is sure who will get the job, but some executives are betting Mauricio Machado de Minas or Domingos Figueiredo Abreu will be the next CEO.
Learn more about Luiz Carlos Trabuco: http://www.infomoney.com.br/blogs/bolsa/o-investidor-de-sucesso/post/7002925/quem-substituira-trabuco-comando-bradesco-nomes-estao-cotados-tudo-pode