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Report: Banorte cuts half of Interacciones staff, including general director

Grupo Financiero Banorte SAB de CV cut about 500 employee positions at newly acquired Grupo Financiero Interacciones SAB de CV and plans to cull another 300 positions in the future, Reuters reported, citing two anonymous sources.

Among those reportedly dismissed were Interacciones General Director Gerardo Salazar, the head of the bank's institutional business, Ignacio Zubiria, and head of brokerage operations Adolfo Herrera.

The purported 500 job cuts, which represent half of Interacciones' workforce, come less than two weeks after Banorte completed its US$1.44 billion acquisition of the Mexican lender, a deal that created the second-largest bank in Mexico.

Banorte, which is scheduled to report its quarterly earnings later July 26, had said it would reduce costs at Interacciones by about 65%, saving 1.5 billion pesos to 1.6 billion pesos annually, according to Reuters.

As of July 25, US$1 was equivalent to 18.81 Mexican pesos.