Private bankers embrace independence in Brazil

When Banco Safra’s three most-senior private bankers in Brazil quit to set up their own private banking firm in early April, they were joining a growing number of senior bankers from established firms that have done so in recent years.

Local media reported that Roberto Cortez Alves, head of Emerald – Safra’s multi-family office that serves clients with at least R$150 million ($30.2 million) in liquidity – left the bank along with José Paulo Scheliga, private banking director, and Carlos Pitta, head of Safra’s ultra-high segment.