Brazilian financial services firm BTG Pactual has reportedly fired 10 out of 80 employees at its wealth management unit in Chile, Bloomberg reported.

"We did an adjustment in the wealth-management unit in order to fortify our regional composition and to update our structure for the integration with BSI," BTG told Bloomberg.

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In July2014, Italian insurer Generali agreed to sell its Swiss private banking unit, BSI, to Brazil-based Banco BTG Pactual for a total consideration of CHF1.5bn.

BTG employs 400 staff in Chile providing brokerage and asset-management services, merger advice and equity and debt underwriting.

In February 2012, BTG Pactual agreed to buy Chile-based Celfin Capital for about $600m to win more investment banking and capital market advisory business in South America.