Goldman Sachs Group Inc is committed to maintaining its investment-banking operations in Brazil as part of its global footprint, Chief Operating Officer Gary Cohn said on Wednesday.The size of the unit will reflect business opportunities, Cohn said, adding that Goldman Sachs has not missed any major transactions in the country over the past year. More than 20 bankers left Goldman's investment-banking and wealth management divisions in Brazil since June as the lender slowed down plans to expand in the country more aggressively."We are always adjusting our people to where we think the opportunities are," he said after meeting with Brazilian President Dilma Rousseff in Brasilia. "We do this in Brazil as we do in every one of our offices, including our main offices in New York, London and Asia."Four years of soft economic growth in Latin America's largest economy led the pace of mergers and acquisitions, bond and stock deals to slow. Goldman saw its roster of investment bankers in Brazil shrink to about 20 from 45 a year ago, sources told Reuters, as competition mounted and business faltered.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 1.02% or $1.6/share to $158.16. In the past year, the shares have traded as low as $137.29 and as high as $181.13. On average, 3519100 shares of GS exchange hands on a given day and today's volume is recorded at 4009981.
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