Luiz Carlos Trabuco Will Take Over As Chairman, Record Stands On Its Own
Luiz Carlos Trabuco, the inveterate CEO of Grupo Bradesco, has announced that he will soon step down from that role to replace the outgoing chairman, Lazaro Brandao, as the head of the company’s board of directors. This comes after nearly nine years at the helm of the firm, through a period of time in which the company was able to complete the largest acquisition in Brazilian business history. The 2015 acquisition of HSBC Brazil, for $5.2 billion in cash, marked a high point in the lifetimes of both Trabuco and Bradesco. Today, with the stock price currently soaring, Trabuco can say that he left the bank in better shape than he found it.
A lifetime in banking
Luiz Carlos Trabuco was born in the town of Marilia, Sao Paulo, in 1951. Grupo Bradesco had been founded there just 8 years before, being little more than a one-branch thrift institution. After Trabuco graduated high school, he had aspirations of attending college. But the banker did not have sufficient money to attend. He therefore made the decision to first find a job, save up enough money for college and thereafter pursue his real goals.
But it so happened that the first help-wanted sign he encountered was that of a local Bradesco branch. He interviewed and was surprised to be hired on the spot. The year was 1969.
Over the course of the next decade, Trabuco proved to be a highly capable employee, winning the admiration of his bosses and consistently scoring promotions. Throughout the 1970s, he was able to put himself through night school, all while continuing to work for the bank full time. By 1980, Trabuco had attained both a bachelor’s degree in business administration as well as a master’s degree in social psychology. By that time, he was a regional manager for a bank that had quickly expanded from a local concern into a major regional force in the Sao Paulo area and received Entrepreneur of the Year.
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In 1984, Trabuco was offered his first executive role. He headed up the bank’s marketing department, where he immediately began making changes to the way things were done. Forging strong relationships with key players in the local markets where the bank was doing business, Trabuco was able to dramatically improve the bank’s public image, which had suffered considerably under previous PR managers.
One of the first things Trabuco did was to begin involving the bank and its staff in high-profile volunteering missions and charity events, attaching the Bradesco name to things like Christmas charity drives and local efforts to help the homeless, a major problem in Brazil. By the late 1980s, the bank’s marketing and public relations efforts had proven to be a great success.
In 1992, Trabuco was again promoted. This time, he was tapped to head up the financial planning division, a business unit that had struggled to gain traction since its establishment in the mid-1980s. Again, Trabuco had a clear vision. One of the first things that he began to implement was a tiered business model. Because clients of higher net worths were responsible for as much as 90 percent of the unit’s revenues, Trabuco immediately moved to establish a separate, elite banking product line for the company’s highest net worth clients. Called Bradesco prime, the high-net-worth banking and advisory product featured segregated, luxuriously appointed facilities as well as such perks as free first-class airline tickets and weekend junkets to five-star resorts.
This model proved to be an outstanding success, with revenues increasing by an order of magnitude. This performance solidified Trabuco’s reputation as a highly skilled administrator as well as an important source in the development of the firm’s vision and strategy.
Learn more about Luiz Carlos Trabuco: https://www.terra.com.br/economia/trabuco-assumira-presidencia-do-conselho-do-bradesco-banco-nomeara-novo-chefe-executivo-em-marco,9fb1d7fe927d7f26678a7543f82f02edw3u6oihm.html