Goldman said cutting jobs at Brazilian wealth management business

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Goldman Sachs is cutting at least three banker jobs at its wealth-management business in Brazil as part of a restructuring, according to people with direct knowledge of the matter.

Bloomberg News reports that at least two other bankers will be transferred from Sao Paulo to Miami, said the people, who asked not to be named because the changes aren’t public. The division had about 20 employees before the moves.

'We are discontinuing selling local Brazilian products to Brazilian individual investors', said Michael DuVally, a spokesman for Goldman Sachs. The company decided 'to focus its private banking business in Brazil on selling international products, in which we have a bigger competitive advantage'.

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Goldman Sachs Said to Cut at Least Three Jobs in Brazil

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