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Investors who supported those bank capital raisings may be regretting it already.

On January 12, Bradesco announced that it had promoted Luiz Carlos Trabuco Cappi to chief executive, replacing Marcio Cypriano. Cappi previously headed the bank’s insurance unit. Cypriano will continue as chairman and chief executive of the bank until the annual shareholder meeting in March. After 10 years in the role Cypriano was not able to renew his contract because he had reached the mandatory retirement age of 65 years.

Downsizing in CLO, CDO, CSO; upscaling mortgage and ABS.

Structured products are proving neither as safe nor as lucrative as investors were led to expect. However, discomfited clients are prompting those banks that have survived to devise products better suited to difficult conditions. Peter Koh reports.

Analysts debate just how clued up Trichet and the council are to the problems of the real world.

Following its takeover of Merrill Lynch, some clarification has started to emerge from Bank of America about its management structure. Chris Allington and Chris Vogel are co-heads of G10 currency trading; Peter Antico is head of Americas rates and local-currency trading; Luke Halestrap is head of EMEA rates and local-currency trading; Chris Hodson is head of global rates electronic trading and market making; Mitch Nadel is head of Japan/Australia rates and currency trading; Nicolas Rabeau and Neh Thaker are co-heads of global rates and currencies exotics trading; Jin Su is head of Asia-Pacific rates and currency trading excluding Japan/Australia; and Frank Rawlins and Behnouche Mostachfi are co-heads of global FX options trading.

Foreign exchange prime brokers and their exchange-traded product counterparts, the full commission merchants (FCMs), will be fully aware of the complexities involved in modern risk management. To an extent, the uptake of electronic trading has made their task far easier – there are clear audit trails, and trade confirmations are, in most cases, sent out in almost real time.

Bill Schwab has been appointed global head of real estate at the Abu Dhabi Investment Authority (Adia). Schwab joins from JPMorgan, where he was managing director of European real estate finance.

Dan Condon has joined Standard Chartered as e-channels product manager in Singapore. Condon was previously vice-president, sales, at FXMarketSpace. Meanwhile, sources say Jens Andersen has left his role at Morgan Stanley in New York, where he was head of Americas trading for FXEM. He is believed to be going to Caxton.

Yes, the share prices of RBS, Lloyds and Barclays have been crushed. The equity markets simply must adjust to banks' reduced status

Banco do Brasil has agreed to buy a 50% stake in Banco Votorantim for R$4.2 billion ($1.84 billion), much less than originally expected. Last year there were rumours that Banco do Brasil would buy 49% of Votorantim for R$6.5 billion. The combined entity will have R$553.3 billion in assets, R$275.7 billion in deposits and a credit portfolio of R$232.8 billion.