Nubank shares rebounded 4% on the New York Stock Exchange on Thursday following recent declines triggered by the departure of finance chief Guilherme Lago.
The shares closed at 12.12 dollars, trimming some of the 11% losses accumulated over three trading sessions. On Tuesday the stock had dropped 8.16%, its weakest recent performance. The announcement of Lago's departure, made on Monday, caught the market by surprise. He will step down after five years, with Rob Livingston taking over from July 13. Lago will remain as a special advisor and member of the audit and risk committee. BTG Pactual analysts noted that the change adds uncertainty amid concerns over United States expansion and asset quality. They said several more quarters of credit portfolio improvement will be needed to restore investor confidence.