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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1085)	2/26/1998 10:55:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

DM Grenfell shuffles LatAm staff Reuters, Thursday, February 26, 1998 at 20:31 The changes at DMG, the investment banking arm of Deutsche Bank (FSE:DBKG), come as some other leading investment banks trim their profiles in Latin America and other emerging markets because of East Asian financial turmoil. Beatson-Hird said the changes were prompted in part by the decisions this month by two of the banks, ING Barings (AMS:ING) and HSBC James Capel (HKSE:0005), to cut staff in Latin America. "We are absolutely determined to take as much market share from Barings and HSBC as we can," he said. ING Barings, a unit of Internationale Nederlanden Groep, has laid off about 200 staff members in Asia and Latin America. HSBC said this week it would close its New York-based Latin American equities operation and reorganize its Brazil and Argentina offices. Beatson-Hird said DMG would hire four employees in Mexico and "a couple" in Brazil. It is transferring workers from Peru to Mexico and from Chile to Argentina. He added that the bank wanted to boost its corporate finance unit in the region. "We need to add more people here and there," he said. "There are no big moves at DMG - we're happy with the course we're on." DMG has about 22 Latin American analysts. The firm swept away much of Barings' Latin American unit in 1996 by hiring 75 people from the firm. A spokeswoman for ING Barings had no comment on market talk that the bank was hiring back Latin American staff in the wake of the layoffs. The major money center banks based in New York have cost-cutting programs under way but they have made it clear these are not a response to the recent problems in emerging markets. Citicorp (NYSE:CCI), Chase Manhattan Corp (NYSE:CBM) and J.P. Morgan & Co Inc (NYSE:JPM) have all announced programs to cut costs and sources at Bankers Trust New York Corp (NYSE:BT) have said that bank too is consolidating where it can. All view the emerging markets as a key to achieving high rates of growth in earnings. Copyright 1998, Reuters News Service