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 board has approved a buyback plan of up to 19.1m units; this move follows the cancellation of 19.9 m units purchased under an existing buyback scheme. Earlier this week , the bank announced it was planning job cuts in London and some Brazilian countries excluding Brazil and also plans to cut hedge fund bonuses by up to 80% ; this comes after the bank fired 305 of its 305 workforce in New York 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 .