Goldman Sachs Group Inc plans to increase the base of corporate clients it covers in Brazil by half this year as demand for corporate loans, structured finance and advisory services grows in Latin America's largest economy, President and Chief Operating Officer Gary Cohn said on Wednesday.The New York-based firm expects to serve around 300 companies by December, about 100 more than currently, Cohn said at a news conference in S�o Paulo. Over the past year, Goldman Sachs has doubled the capital base of its Brazilian unit and hired aggressively to expand in the country to take on tough local rivals, even as competition from international financial firms wanes.To step up client coverage, Goldman Sachs could hire 50 or more bankers to work in credit and wealth management - a pair of fast-growing market segments, he said. Growth will take place despite the increased state presence in the economy because the firm's ability to adapt to tough market conditions helps it find business opportunities as most global rivals retreat."We are very happy with our results in Brazil," Cohn said. "We are more bullish on Brazil than many people out there. We have a multi-year plan top build our Brazil business."
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Shares of GS fell by 2.23% or $-3.27/share to $143.41. In the past year, the shares have traded as low as $90.43 and as high as $159.00. On average, 4519440 shares of GS exchange hands on a given day and today's volume is recorded at 4370503.
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