Goldman loses nine Brazil based directors this year

Exit Sign

Goldman Sachs lost at least nine managing directors in Brazil this year as revenue from investment banking falls and trading and wealth-management fees increase, four people familiar with the matter said.

Bloomberg reports that Jason Mollin, head of Latin American equity research, is leaving the firm, the people said, asking not to be identified because the decision isn’t public.

Already departed are Rodrigo Mello from the investment-banking division, Sylvio Castro, chief investment officer at the private-banking business, and Eduardo Adriano Koelle from wealth management, the people said.

The four executives join five others who left earlier this year as the New-York based bank halted its growth plans in Brazil when the economy expanded less than analysts estimated and merger growth stalled. About a quarter of Goldman Sachs’s roughly 45-person Brazil investment-banking division have departed, the people said.

To access the complete Bloomberg article hit the link below:

Goldman Sachs Said to Lose Executives From Brazil Unit

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