Brazilian financial services firm BTG Pactual has reportedly fired 10 out of 80 employees at its wealth management unit in Chile, Bloomberg reported.
"We did an adjustment in the wealth-management unit in order to fortify our regional composition and to update our structure for the integration with BSI," BTG told Bloomberg.
In July2014, Italian insurer Generali agreed to sell its Swiss private banking unit, BSI, to Brazil-based Banco BTG Pactual for a total consideration of CHF1.5bn.
BTG employs 400 staff in Chile providing brokerage and asset-management services, merger advice and equity and debt underwriting.
In February 2012, BTG Pactual agreed to buy Chile-based Celfin Capital for about $600m to win more investment banking and capital market advisory business in South America.