It is often said that nothing is constant but change. While this cliché has certainly been overused over the years, it does not change the weight of truth behind it. Consequently, to survive, we constantly have to evolve and change.
For Brazil’s second largest private bank, change is a concept that it understands all too well. The bank has been able to consistently stay at the top by strategically altering its operations at the right time to conform to changing market dynamics.
In fact, if you look through the history of banking in Brazil, you will be pleasantly surprised to find that Bradesco was the industry pioneer in many of the essential practices and technologies used in banking today. Now, the bank is prepared to make its next big change, selecting a new president. This follows the decision to have the current president, Luiz Carlos Trabuco take the position of chairman of the board from the aging Lazaro Brandao.
Unsurprisingly, the planned changes at Bradesco are not just expected to end at the presidency position. The bank’s board will have a considerably different face going forward. Currently, it only comprises of eight people that are either senior officials within the bank or members of the Amador Aguiar family (the bank’s founder). This number is expected to be expanded in the coming months. However, even with the additions to the board, the new president will no longer have a seat on it. This move is expected to lighten the duties of the president, especially given the growing size of the company.
This transitional period is expected to have a considerable strain on Luiz Carlos Trabuco. Owing to the bank’s regulations, the new president will not be selected until March 2018 when the next shareholders’ meeting is held. Therefore, Trabuco will have to fulfill the responsibilities of both the president and the chairman. However, given the great aptitude for leadership he has shown over the years, it is likely that he will, in fact, thrive in the dual roles.
Luiz Carlos Trabuco is one of the longest-serving employees at Bradesco. He joined the bank in 1969 as a clerk. Only three decades after joining the bank, he was named the executive vice president of Bradesco Seguros, the bank’s insurance subsidiary. Four years later, he was named the subsidiary’s president and commenced a highly successful six-year tenure at the position. He earned significant industry recognition when he was named the insurance personality of the year in only his first year in the role. He carried on this work rate to the position of bank president when he was finally promoted to it in 2009. Over the course of the last seven years, he has steered Bradesco towards the top of Brazil’s financial industry.
Interesting to note, Luiz Carlos Trabuco’s academic background is not in banking. He holds a bachelor’s degree in philosophy from the University of Sao Paulo and a master’s degree in Socio-Psychology from the Fundacao School of Sociology and Politics of Sao Paolo. However, what arguably sets Trabuco apart from his peers as a leader is his personality. Still quite the diligent worker, he is known to spend more than 12 hours in the office, sometimes extending his work to lunch meetings. Further, despite the immense success he has had over the years at Bradesco, he still chooses to remain humble and approachable. Consequently, employees at the bank are always assured of a listening year from its most senior employee.
Humble, loyal and a listener, Luiz Carlos Trabuco embodies all the traits that define Bradesco’s culture. Hopefully, the new president will also do the same.
Visit economia.estadao.com.br for more information about Luiz Carlos Trabuco.