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.
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.
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