BTG Pactual ends restructuring in Chile

Troubled investment bank BTG Pactual's main Brazilian partners made the trip to Chile to tell their counterparts that the entity's restructuring was at an end.

T Brazilian team arrived in Chile shortly after 58 employees, or 16% of all executives, were made redundant, according to Chilean newspaper Diario Financiero.

Up until this point, the Chilean subsidiary had not been particularly affected by the November arrest of BTG's former CEO and chairman André Esteves in connection with Brazil's Lava Jato corruption scandal.

Chilean CEO Roberto Sallouti, who is one of the seven partners who bought out Esteves' share of the company following his arrest, was accompanied by four Brazilian executives during the visit.

During meetings, it was also announced that there would be no more layoffs in Chile. While the previous layoffs were described as "very painful," they were proportionally much less drastic than those in Brazil, where 305, or 18% of the total staff were made redundant.

The changes taking place at BTG are intended to reduce the bank's costs by 25%.

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