(Bloomberg) — Brazilian brokerage firm Guide Investimentos dismissed about 50 employees just a few weeks after being acquired by lender Banco Safra, according to people familiar with the matter.

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Employees from the research, trading, technology, capital markets and human resources units were affected, said the people, who asked not to be identified discussing private information.

On Aug. 30, Safra announced it completed the acquisition of Guide, but the bank hasn’t fully absorbed the brokerage into its operations yet, one person said.

Guide didn’t reply to messages seeking comment.

Guide serves retail investors and has about 20 billion reais ($3.7 billion) of assets under custody. The goal of the deal was to increase Safra’s presence in the registered investment advisers business, where Guide has the fourth- largest operation in Brazil, as well as boost its wealth-management business, according to a statement last month.

(Updates with research unit in second paragraph.)

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