Goldman Sachs Considers Opening Representative Office in Chile

Goldman Sachs Group Inc. (GS) is considering opening a representative office in Santiago.

The fifth-largest U.S. bank by assets expects to make a decision on the matter “relatively soon,” Michael DuVally, a New York-based spokesman at Goldman Sachs, said by phone from Santiago, which he is visiting.

Goldman Sachs already manages wealth for Chilean families, DuVally said. The bank has helped arrange two Chilean bond sales this year, both for Banco Santander Chile, according to data compiled by Bloomberg.

Goldman Sachs had offices in Buenos Aires, Mexico City, and Sao Paulo, according to the firm’s 2011 annual report.

In July, Goldman Sachs said it planned to slash annual expenses by $500 million, mostly by cutting compensation, after it posted the lowest first-half revenue in seven years.

To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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