SAO PAULO, Feb 15 (Reuters) - The board of Brazilian investment bank BTG Pactual has approved a buyback of up to 19.1 million units, it said in a filing on Monday. The announcement followed the cancellation of 19.9 million units purchased under an existing buyback scheme. (Writing by Daniel Flynn; Editing by Greg Mahlich)
BTG Pactual's board has approved a buyback plan of up to 19.1m units; this move follows the cancellation of 19.9m units purchased under an existing buyback scheme. Earlier this week, the bank announced it was planning job cuts in London and some Latin American countries excluding Brazil and also plans to cut hedge fund bonuses by up to 80%; this comes after the bank fired 305 of its 1,653 workforce in Brazil and made cuts at its New York office on January 28th. Sources say this is due to a slump in assets under management, a problem that was deepened by the arrest of its CEO, chairman and founder, Andre Esteves last November.