Luiz Carlos Trabuco has been in control of Bradesco in different capacities including, the posts of C.E.O and President. He recently picked Octavio De Lazari to succeed him as president whereas he assumes the mantle of chairman of Bradesco.
Speaking recently on the state of pension systems in the country, the long-serving Bradesco executive, made it clear that subsidizing the private sector or financing may have had adverse effects on the Brazilian capital market. Luiz Carlos Trabuco attributes this to the fact that the capital market is the most significant source of funding for infrastructure projects.
The CEO has been leading a campaign for reforms in the pension schemes employed in Brazil, and he believes that pension reforms should be implemented as quickly as possible since these reforms will dictate the efficiency of the extensive reforms that the country is about to undertake to help in reduction of government spending. Though he was deeply involved in the formulation of the same, in an address to journalists on the same, he stated that only the government would decide whether to put the plans in action this year or not. However, he is of the opinion that if there are any delays in kick-starting the process of reforming the schemes, the amount of government spending is likely to rise and he warned that such a result would jeopardize the country’s financial standing and this would further be detrimental to the economy.
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On economic policies
His view is that some of the economic policies are obsolete and need to be overhauled; he advised the capital market to introduce new and innovative ways to balance the expenditure on infrastructure. He further stated that people should be willing to engage in the privatization discussion, he noted that people are a little apprehensive about allowing the private sector to take over the running of the pension schemes. Coming in to bolster Luiz Carlos Trabuco’s sentiments is former Chairperson of Electrobras, Ms. Elena Landau, she is of the opinion that current parastatals and other state-owned firms should be included in the privatization discussion.
Ms. Landau believes that it no longer matters economic sense for the state to be the primary driver of the economy. The railway infrastructure privatization was among the points she used to illustrate her stand. She also noted that the apparent lack of political will to privatize the government-owned companies was regressive and those the era of sacred cows should come to an end.
Education and Career Background
Mr. Luiz Carlos Trabuco studied Economic Science and has degrees in philosophy and psychology. He joined Bradesco as a teenager where he worked as a clerk before he proceeded to rise up the ranks and get to his present position of Chairman. He is credited as having almost singlehandedly turning around the fortune of the bank, and it is during his tenure as C.E.O and President that Banco Bradesco was able to regain its footing and rise to become the largest private bank in Brazil by asset base.