Itau’s Wholesale, Retail Banking Chiefs to Exit After CEO Chosen

Two top executives are leaving Itau Unibanco Holding SA after being passed over to run Latin America’s biggest bank by market value, according to people familiar with the matter.

Caio David, head of wholesale banking, and Marcio Schettini, who runs retail banking, will depart in February, the people said, asking not to be named because the decisions haven’t been publicly announced. An internal memo on the exits was distributed to employees Thursday, the people said.

Both were candidates to replace chief executive officer Candido Bracher, who will hit the age limit of 62 in December and will ...