Bull Bear Report May 05 2011

Goldman Names New Brazil Chief

By liz moyer

Goldman Sachs Group Inc. named a new president for its Brazil operations as the bank gears up to expand in key fast-growing economies abroad.

Alejandro Vollbrechthausen will become president of Goldman Sachs Brazil Bank, in charge of the firm's Sao Paulo office and operations on the ground in that country. He succeeds Valentino Carlotti, according to a memo to employees Thursday signed by Goldman chief executive Lloyd Blankfein and president Gary Cohn.

Blankfein has told investors in recent months that it is a priority of his to build the firm's presence abroad, exporting a range of capital markets, asset management, private banking and investment banking businesses and building local representation in markets like Brazil and China that have strong growth trajectories.

"I think right now the biggest opportunity for us is not necessarily to do...more things but to be Goldman Sachs in more places," Blankfein said at a conference in November.

Carlotti has been in Brazil since 2007 building Goldman's operations. He will remain there for a few months through a transition before returning to New York, the memo said.

Vollbrechthausen, who joined Goldman in 2001 and became a partner in 2006, will continue the building effort, "working closely with the existing Brazilian leadership team across divisions to continue to provide clients with all of Goldman Sachs' products and services," the memo said.

He previously managed the sales, structuring and derivatives marketing effort in Latin America and the emerging markets sales desk in New York.

The appointment was previously reported by Bloomberg.

Liz Moyer is a reporter for Dow Jones Newswires, where this story originally appeared. Write to her here.

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