Bradesco Scaling the Heights of the Brazil’s Financial Sector under the Leadership of Luiz Carlos Trabuco
Very few corporate executives in Brazil (and even the world over) fit Luiz Carlos Trabuco’s stature. Unlike most of them who pursued economics, accounting, or sciences, he studied philosophy. Also, unlike other corporate executives who begin their careers in mid-level positions in companies, Luiz Carlos Trabuco began working as a clerk at Bradesco in 1969. He is now the CEO of Bradesco having worked at the firm for over 47 years.
Rising to the helm of the second largest (after Itaú Unibanco) private bank in Brazil was a challenging but a worthy course for Luiz Carlos Trabuco. The executive had to prove to the company that he was worth his salt. He successfully rose through the ranks of the institution as he gathered experience and expertise required of a noble leader. Some of the positions he held before ascending to the presidency of Bradesco include marketing director, executive director and president of a Bradesco’s subsidiary, executive vice president, and president of Bradesco Seguros.
In 2009, the company decided that Luiz Carlos Trabuco was a well-rounded employee who would serve the interests of Bradesco. When he took over, the company had just been dethroned by Itaú Unibanco as the leading private bank in the country. Also, when Luiz Carlos Trabuco assumed office, the financial sector was in difficulties abroad, and the challenges would trickle-down to Brazil. The fact that he was taking over from Márcio Cypriano did little to salvage the situation as the latter had set the company on a growth trajectory that needed a competent leader to sustain the momentum. However, Luiz Carlos Trabuco is not a man to buckle under pressure. In fact, his creativity is heightened when faced with challenges.
Luiz Carlos Trabuco purposed to continue Márcio Cypriano’s legacy (if anything, improve it). His first agenda as the CEO of Bradesco was to enhance the quality of services offered by the bank. To this end, he would embark on developing the institution’s workforce. Luiz Carlos Trabuco established a corporate university, Unibrad, whose purpose is to get in touch with the bank’s staff and improve their performance. Although he was promoted from within the institution, Luiz Carlos Trabuco deemed it fit to open up the system to talent from outside. He believes that leaders sourced from outside the company are better-suited to bring changes and new ideas.
Bradesco seems to be doing well under the stewardship of Luiz Carlos Trabuco. The company is closing in on Itaú Unibanco every single year. In fact, two years ago (under the guidance of Luiz Carlos Trabuco), Bradesco purchased the Brazilian branch of HSBC for $5.2 billion. With the acquisition, the bank was set on the path of reclaiming the market leadership title from its rival Itaú Unibanco. For the remaining part of the year, no other transaction came close to the $5.2 billion deal in Brazil; it emerged as the most prominent transaction in the country that year. Luiz Carlos Trabuco won an award for the agreement; Isto É Dinheiro Magazine listed him as the “Entrepreneur of the Year’’ in the finance category.
Bradesco, established in 1943 by Amador Aguiar, is one of the most outstanding banking and financial services firms in Brazil. The company is headquartered in the city of Osasco, São Paulo, Brazil. Bradesco has over 5,314 branches, 108,793 employees, and its services are tailored for the whole world. As at 2016, the company’s revenues stood at $50 billion. Bradesco offers several products such as insurance, retail banking, private banking, asset management, private equity, investment banking, and of course banking. The company continues to scale the heights of the Brazil’s financial industry under the leadership of the able Luiz Carlos Trabuco.http://www.hoovers.com/company-information/cs/marketing-lists.banco_bradesco_s_a.294a878ad3b224d4.html?oid=2462417000000000&cid=96010000000000