NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report were declining midday Wednesday afternoon as Brazilian president Dilma Rousseff was removed from office today following an impeachment trial.
She was removed for breaking budgetary laws in an impeachment process that has polarized the country, Reuters reports.
Senators voted 61-20 to convict Rousseff for illegally using money from state banks to increase public spending.
Her former vice president Michel Temer, who has been the acting president since her suspension in May, will serve the remainder of her term through 2018, Reuters noted.
The Ibovespa was falling 1.41% to 57,746.62 in midday trading today.
The Ibovespa was retreating led by a slump in commodities companies, as investors turn their attention to looking for concrete signs that the Brazilian economy is improving, Bloomberg said.