'The outlook for the economy and equity and merger-and-acquisition deal volumes are worse than we expected', Michael Duvally, a spokesman for the New York-based bank, said in an interview.
Bloomberg News reports that Brazil’s benchmark Ibovespa Index has lost 13% since the start of April and more than 20% this year.
About a quarter of Goldman Sachs’s roughly 45-person Brazil investment-banking division have left, people familiar with the matter said, asking not to be identified because the bank hasn’t announced the departures.
Five managing directors, four from the eight-person executive committee, are no longer at the firm, the people said. All of the executive-committee members have been replaced, one of the people said.
'It would be irresponsible not to take account of changing market conditions in assessing appropriate staffing levels', DuVally said in an e-mailed statement.
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