Ricardo Lanfranchi, head of equity sales at Barclays (BARC) Plc in Brazil, is leaving to take the same position at HSBC Holdings Plc (HSBA), according to a person with direct knowledge of the matter.
Lanfranchi, who has been at London-based Barclays since 2009 and helped build the Brazil broker-dealer unit, will move in a couple of months, the person said, asking not to be identified because the matter isn’t public yet. He will continue to work in Sao Paulo after joining HSBC, the person said.
Barclays, Britain’s second-largest bank, closed its Brazil equity-research unit and cut staff amid a global restructuring, people familiar with the matter said in January. The bank reduced the size of its equity-trading, fixed-income and investment-banking business in the country, the people said.
HSBC is investing in Brazil equity sales amid an effort to expand its investment-banking business in the country, Latin America’s biggest economy. The London-based bank hasn’t underwritten any equity deals in Brazil this year and ranked 13th in 2012, according to data complied by Bloomberg. Barclays has no equity deals this year or last.
Lanfranchi said he couldn’t comment on the matter. Before Barclays, he spent 12 years with Merrill Lynch & Co. in Brazil, becoming president of its broker-dealer unit and head of equity Brazil. He started his career at Banco de Investimentos Garantia SA, bought by Credit Suisse Group AG in 1998.
An official at HSBC declined to comment on Lanfranchi and asked not to be identified in keeping with company policy. Kerrie Cohen, a spokeswoman for Barclays, also declined to comment.
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