banks

HSBC to exit Brazil amid global business overhaul

Anadolu Agency

SÃO PAULO — British banking giant HSBC announced Tuesday that it will close its retail banking operations in Brazil, as part of a global overhaul of its workforce that could cut up to 50,000 jobs worldwide.

Currently the sixth largest high street bank in Brazil, HSBC employs 21,479 people in the South American country, according to the Folha de S.Paulo newspaper, with 853 branches focusing operations on higher earners.

HSBC plans to sell off its branches and end retail operations by the end of 2016, but will retain a “modest” operation in Brazil to service its largest corporate clients’ international needs.

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Brazil ‘has most multi-millionaires in Latin America’

Anadolu Agency

SÃO PAULO — Brazil now boasts the most multi-millionaires in Latin America and is ranked tenth in the world, according to a study reported by local media.

The study by Johannesburg-based wealth consultancy New World Wealth also showed that São Paulo, Brazil’s biggest city and business center, is the world’s 17th for multi-millionaires, defined in the report as having more than $10 million in net assets.

Currently the world’s seventh largest economy, Brazil has 10,300 multi-millionaires, of which 4,400 are concentrated in São Paulo and a further 2,200 in Rio de Janeiro, putting the “Marvellous City” in 27th position globally.

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Vandalism mars Brazil anniversary march

Anadolu Agency

SÃO PAULO – Damage of over US$1 million was wrought by acts of vandalism by Black Bloc elements during an anniversary march led by the MPL (Free Fare Movement) in the streets of São Paulo on Thursday evening.

As a major World Cup tie between England and Uruguay got underway on the other side of the city, the MPL-coordinated march gathered around 1,300 people in the city centre, according to military police figures.

Although it began peacefully, it ended in a major damage to at least 10 bank branches and a luxury car showroom.

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