Its ceo and main shareholder André Esteves was arrested in Rio de Janeiro last week, as an ongoing corruption probe involving Brazil’s state-owned oil company Petrobras expanded its tentacles.
It was a move authorised by Brazil’s Supreme Court, which also approved the detention of the ruling party’s leader in the Senate, Delcídio Amaral, head of Amaral’s office, Diogo Ferreira, and lawyer Edson Ribeiro. Esteves’ five-day arrest, against an intense political backdrop in Brazil, has since been made indefinite.
Just a couple of weeks earlier, BTG Pactual had been riding high on the back of a record quarter for its sales and trading unit.
Its third-quarter sales and trading revenues quadrupled on the previous quarter and were roughly double the prior-year figure. Esteves himself praised the results, attributing their strength to commodities and foreign exchange, and the volatile and uncertain backdrop in which sales and trading operates.
For BTG Pactual, it was testimony...