Goldman Sachs plan to expand in LatAm as revenue grows

Following a great year in Latin America, Goldman Sachs Group aims to continue hiring in areas such as equity research, sales, trading, and derivatives.

“We are in growth mode in the region,” Aasem Khalil, co-head of Latin America for the New York-based firm, said. “We want to continue to invest in equity capital markets in particular.”

According to Khalil, the firm’s Latin American revenue was boosted by a record year in asset management, global markets, and investment banking. Oncoclinicas do Brasil Servicos Medicos, for example, was one of Goldman’s public-market investments. In June, it launched its stock broker-dealer in Mexico, and it employed 40 engineers in Brazil to assist its emerging markets and equity derivatives businesses in the Americas.

Revenue in the region has increased by about 60% in the last five years compared to the preceding five.

“We are actively building a bigger engineering hub in Brazil, not only to serve our local clients but also global-markets clients outside the region,” said Ricardo Mora, who co-heads Latin America along with Khalil.

Some of Latin America’s most recent equity sales in the US were underwritten by Goldman Sachs, including fintech Nu Holdings’ $2.53 billion initial public offering.