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Brazil salaries just "too high" for some foreign banks
by Vivianne Rodrigues, FT Tilt • More from this author While some investment banks, such as UBS and Citibank are going on a hiring spree in Brazil, Deutsche Bank is actually shifting some posts to "lower cost" centers in places such as... the United States. "It sounds a bit ironic, but the cost of qualified personnel in Brazil now is very high," Burkhard Ziegenhorn, managing director and regional head for Latin America at Deustche Bank told FT Tilt on the sidelines of the World Economic Forum in Rio de Janeiro. Ziegenhorn said, without giving details, that Deustche Bank Brazil shifted several positions to its American hub in Jackonsville, Florida. "I've never worked in such a vibrant place, so full of business opportunities," he said. "Still, the high salaries sought by many qualified (but also quite young) bankers in Brazil is just unrealistic." In one example, a 24-year old Brazilian banker with Deutsche in Sao Paulo recently left the bank to join another investment firm for a stratospheric annual salary of R$350,000 ($225,000). Ziegenhorn is echoing a complaint made by several local and foreign companies operating in Brazil, that the combination of a booming economy, strong currency, rising inflation and shortage of qualified personnel is squeezing one of the country's traditional comparative advantages: lower relative costs. "Brazil used to be a cheaper (manufacturing and service) center when compared with the U.S. and Europe," Frederico Fleury Curado, the president of aircraft maker Embraer, told FT Tilt. "Not anymore. I wonder what impact that will have on the country in the long run." - - - Next thing you know, they'll be making steel in Pittsburgh and cars in Detroit. |
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