Brazil is going through a political and social reconstruction phase, according to President Michel Temer. Temer is the man who did his part to oust Dilma Rousseff from office in 2016. Mr. Temer is pushing several reform initiatives through Congress, but the people in Brazil are not happy with his ideas or his performance, according to several media reports. In fact, Temer has one of the lowest approval ratings in the Brazil’s political history. Even though Mr. Temer is mending trade fences with China, and he is reaching out to the U.K. to set up a new bilateral trade agreement. But the people think he is just like the other shady politicians who feather their own financial nest with questionable transactions instead of thinking about the needs of the people.
Temer has a new pension reform bill on the table which would increase the minimum retirement age. He also wants to overhaul the current tax code, put a cap on public spending, and upgrade the country’s education system. Some of Brazil’s top executives are behind Temer’s ideas, but there are questions in the minds of executives in the banking industry. Michel Temer likes to talk about the decline in the inflation rate, and in the rate of unemployment, and the fact that interest rates are coming down. Temer also believes Brazilian banks are stronger in terms of assets under management than ever, according to CEO and president, Luíz Carlos Trabuco. Temer uses the bank’s strength as proof that the three-year-old recession is over. The Brazilian banks are turning in some hefty profit numbers, but that’s not new. The banks were making a lot of money while the recession was turning Brazil’s emerging market into a sinking world market, according to Trabuco.
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Luíz Carlos Trabuco, the CEO, and president of one of the largest private banks in the country is not one of those stereotype banking executives. Some bank executives are more political animals than corporate leaders. Mr. Trabuco is a banker who takes pride in doing the right thing in a country where the right thing is the questionable political thing to do. Luíz is a seasoned bank veteran, and he is not ashamed to say he is a loyal and long-time Bradesco employee. Trabuco began his banking career with Bradesco in 1969. He went through the company’s training program, and he didn’t lose sight of his mission while he was in the program. Trabuco didn’t go to school to be a banker. He’s not an accountant. He has a degree in philosophy from the University of Sao Paulo, and he did postgraduate work in psychology.
Trabuco’s banking resume is impressive. He is responsible for turning the insurance arm of the bank around when he was president of Banco Seguros from 2003 to 2008. In 2008, Seguros was responsible for 30 percent of the bank’s profits. At the end of 2008, the bank’s Board of Directors gave Trabuco the job he always wanted. It’s not uncommon to see Trabuco at one of the more than 5,000 local bank offices or to hear about the technology upgrades that the 66-year-old CEO is incorporating in the bank’s business model. Mr. Trabuco is a successful banking entrepreneur, but he gives most of the credit for the bank’s success to his executive team.
Wall Street knows Luíz Carlos Trabuco and the executive team he put together have a lot to do with Bradesco’s stock performance this year. Bradesco’s stock is on the move, and the foreign investors aware of Trabuco’s performance want him to keep doing what he knows how to do. Mr. Trabuco knows how to work with people and make money.
Learn more about Luis Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml