Portuguese bank ousts chief risk officer after ‘suspicious’ transactions uncovered

Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.

In an announcement Tuesday, the bank said the allegations against Brandão are “not related nor associated, in any way, with the bank” and have no impact on “clients, clients’ accounts or transactions,” or on its finances or activity, commercial operations, risk management, or employees.

After discovering the suspected issues via an internal investigation, the bank filed a complaint with Lisbon’s public prosecutor, which led to the now “ongoing investigation,” the bank said.