The recent disruption at Nubank was not caused by hackers, but by an internal boycott linked to what critics describe as a poor personnel policy and a tense corporate culture. According to the report, the company’s leadership style under controlling figures David Vélez Osorno, Cristina Junqueira, and Adam Edward Wible has long created friction within the workforce. The article characterizes this management approach as harsh and politically aligned with an extreme-right worldview, alleging that this influence is visible in day-to-day operations at the company. Cristina Junqueira is also identified as a financier of Brasil Paralelo.
The tensions reportedly escalated after a period of resistance to the company’s return-to-office policy, which led to the dismissal of 12 employees last year. Around the same time, several high-level departures followed, including Vitor Olivier, who left his role as CTO in September 2025 after more than a decade at the company. His departure was described as voluntary, with Olivier saying he was leaving to begin a new entrepreneurial path. He had been one of Nubank’s early employees and was appointed CTO in March 2023, becoming the third person to hold that position after Matt Swann and Adam Wible.
After Olivier’s exit, Guilherme Lago also left, and in the most recent developments, two important security executives resigned: Renan Capaverde and Justin Gehtland. Both had key responsibilities in systems security, with one having been with the company since its founding and the other for seven years. The report says these resignations were not isolated incidents but part of a broader exodus that has weakened the bank’s internal image and raised concerns about stability.
Some of those who recently left reportedly accepted jobs with lower salaries, suggesting that their decisions were driven less by money than by dissatisfaction with the internal environment. The article portrays the departures as evidence of a deeper organizational problem rather than individual career moves.
The situation has also affected investor confidence. Bank of America downgraded Nubank from “neutral” to “underperform” and cut its target price from US$16 to US$10, citing the CFO change and a more difficult credit environment. The bank noted that Lago was one of the company’s most important executives, overseeing the IPO and serving as a key link between the company, the market, and shareholders. Nubank’s stock reportedly fell more than 8% in a single day and is down more than 23% in 2026.
With Lago gone, Nubank has lost four other top executives over the past two years: president and COO Youssef Lahrech, product chief Jag Duggal, CTO Vitor Olivier, and Chief Credit Officer Ravi Prakash. Bank of America said these departures increase uncertainty about execution and leadership depth. The report highlights the similarity in the stated reasons for departure, noting that both Olivier and Lago said they were leaving to become entrepreneurs.
