XP Head of Investment Banking Pedro Mesquita Leaves the Firm

Pedro Mesquita, head of investment banking at XP Inc., has left the firm.

(Bloomberg) — Pedro Mesquita, head of investment banking at XP Inc., has left the firm.

Mesquita, who worked at XP for about 10 years, plans to create a business with his former company, Jose Berenguer, chief executive officer of XP’s banking unit, said in a memo that was confirmed by company officials. Berenguer will become head of investment banking during a transition period, according to the memo.

XP, Brazil’s biggest brokerage, ranks No. 10 among Brazil investment banks by fee revenue in the first half of the year, according to data provider Dealogic. That’s down from ninth in the same period last year.

XP declined to comment on the type of joint venture the firm will build with Mesquita. The columnist Geraldo Samor said it was related to football as a business, citing people familiar with the matter. O Globo columnist Lauro Jardim previously reported Mesquita’s departure.

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