A senior trader at proprietary trading desk Itaú Unibanco Holding SA resigned earlier this week.
Reuters reported that Fabio Okumura, the director of trading at Itaú BBA SA which is Itaú's wholesale and investment-banking unit, also took as many as eight employees with him to join an undisclosed firm. Okumura’s team trades products including currency, interest rates, equity and credit.
Veteran money manager Marco Sudano will replace Okumura; he will be responsible for managing a team of six people in charge of short-, medium- and long-term trading positions and risk management for the proprietary desk.
Based in Brazil, Itaú BBA’s products and services include includes products and services such as asset management, mergers and acquisitions consultancy, share offerings, securitization, derivatives and structured operations.