Numerous opinion makers in the banking industry get excited every time Banco Bradesco is mentioned, and most have formed the association between the bank and its Chairman, Luiz Carlos Trabuco. A few years ago, a cascade of issues almost drove the financial giant out of business. Their main portfolio is dealing with insurance and flaws in the pension scheme which made Bradesco one of the worst performing banking companies in the industry. However, the company has re-established itself, as a market now targeting global dominance.
Change of culture
At the time when Luiz Carlos Trabuco took over as CEO, the company was not only losing massive amounts of money, and the employee turnover was at an all-time high, but also losses due to bad debt led pundits to begin forecasting the fall of the bank or at least a file for bankruptcy. The new C.E.O started by taking care of the bad debt and introducing reforms in the pension system according to meioemensagem.com.br. For a long while, his changes were met with opposition and hostility but eventually improved results on company’s Balance Sheet, and his reforms were implemented.
He was diligent and other than improving the bank financial statement, and he was able to introduce a culture change at the company. He realized that the default adopted at the company culture where the best workers were encouraged to leave, for the company to reach its goals, the turnover had to be tackled. First, employees could pick working hours most convenient to them, on top of the flexible hours; the pay of the best workers was revised. It not only lowered the turnover rate but it markedly improved morale throughout the company according to oglobo.globo.com. He promoted accountability by encouraging autonomy among his employees, and he gave everyone a chance to have a say in the running of the company.
Comprehensive experience from pioneers
Before he joined Banco Bradesco, Luiz Carlos Trabuco was like any other young man with ambitious. To get through college, he worked multiple jobs, but his interest was always in economics though he has a post-graduate master in philosophy. The work was hard and often challenging, but the reward was in-depth and unmatched experience in almost every area of the economy. This he got by learning hands-on from some of the most respected movers and shakers in the business world. He fell in love with the banking industry when he got his first job in a small bank as clerk. He decided to dedicate the rest of his career to the industry. He left a legacy at every position that he ever served in and these have been mainly in Banco Bradesco and its numerous affiliations and subsidiaries.
He is most known for his part in the merger of Banco Bradesco and HSBC Brazil that contributed to the rise of Banco Bradesco to the top of the banking industry, though he led to other acquisitions and mergers; it was handling of the initially resistant HSBC leadership that won him accolades within and beyond Banco Bradesco. A less well-known fact is that Luiz Carlos Trabuco, while C.E.O, decided to offer online banking to customers. This turned out to be an advantage since most young people in Brazil would instead use online banking than face the hassle of physical banks.
Check more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml