There were accusations against Luiz Carlos Trabuco, who has had an exemplary career and was recognized as one of the most influential leaders in the financial industry had come amidst corruption scandal that rocked state firms in Brazil and shook the political establishment and led to the impeachment of Dilma Rousseff. However, the courts have cleared Banco Bradesco and the Chairman Luiz Carlos Trabuco of allegations of dodging a tax fine of about $911 million (3 billion reais), this spurred a massive jump in the share prices of one of the nation’s biggest financial institutions.
The accusations were formally lodged in May 2016 over his alleged involvement in unethical negotiations between his companies, Bradesco and government tax auditors to doctored figures to avoid fines. The case was part of a broader probe, locally known as Operation Zealots was unveiled in March 2015 and it claimed that some of the largest companies in Brazil had colluded with corrupt members of the CARF, a faction of the Finance Ministry responsible of appeals on tax disputes, this in return earned them favorable rulings according to oglobo.globo.com.
In his almost meteoric rise to the top, to which he has spent over four decades, he passed through various capacities in leadership. His experience was not tied to a single area but spanned over various departments, and this meant that he had an unmatched understanding of corporate finance. His success in the insurance section of the bank led to his being feted as the Insurance Personality of the Year in 2003 and again in 2007.
Luiz Carlos Trabuco has had a truly real career in the banking industry in not only Brazil but in global spheres. The changes happening in the industry and the economy of Brazil have got him believing that a robust banking system would be a big backbone for the growth of the future of Brazil.
When he assumed the title of CEO at Bradesco, the company was straining under multiple issues, declining sales and profits figures; the company was experiencing a high turnover of employees. Luiz Carlos Trabuco made changes that were unpopular, but his policies eventually saved the institution, and this led to his invitation to lead a government task force to review a few of the schemes in the government pension plans. He sat with most of the major executives in the company to ensure every department operated smoothly, this gave an outlook unity, and it promoted autonomy in his employees. While scouting for new people to fill vacancies, he recruited talented executives outside Bradesco fold in a quest to bring in fresh talent and ideas according to meioemensagem.com.br. His forward thinking and business acumen have earned him high regard, and the Brazil government has been trying to recruit him as the Minister of Finance, so far he has been turning that offer down.
He has a legacy that helped Banco Bradesco to thrive more and expand to the top of the market in Brazil, and he believes that the firm will soon be a global leader in banking.
Find more about Luiz Carlos Trabuco: https://www.istoedinheiro.com.br/bradesco-deve-anunciar-sucessor-de-trabuco-antes-do-carnaval/