Goldman Sachs has been discussing the changes with Wainstein for the past several months, according to a person at the New York-based firm who asked not to be identified because the decision hasn’t been announced. Wainstein, 42, and Andre Laport Ribeiro are Goldman Sachs’s only partners in Brazil.
Wainstein asked to leave after working at the firm since 2000, one of the people said. He was appointed chairman of Brazil investment banking in April 2012, when Antonio Pereira and Fabio Bicudo were named co-chief operating officers. The bank ranked sixth in equity underwriting in Brazil last year, with $732 million in transactions, data compiled by Bloomberg show. It was No. 8 among merger advisers with $14.3 billion in deals, the data show.
Michael DuVally, a spokesman for Goldman Sachs, declined to comment on Wainstein’s departure.
Goldman Sachs said in October it would double capital in Brazil to 800 million reais ($407 million) while closing its asset-management business in the country.
The firm, which doesn’t disclose Brazil revenue or profit, named Paulo Leme as chairman for the country a year ago. Goldman Sachs has said its strategy in Brazil is to focus on complex products with higher profit margins, such as convertible debt and receivables securitization.
U.S. and international banks are competing against Brazil- based companies such as Bradesco BBI SA, Banco Itau BBA SA and Banco BTG Pactual SA, which have used their stronger local contacts to squeeze out foreign firms.
Goldman Sachs completed its strategy to become a full- service bank in Brazil in 2009, after two failed attempts to buy local firms. In 1998, Goldman Sachs tried to buy Banco de Investimentos Garantia SA, which was acquired by Credit Suisse Group AG.
Seven years later it sought to purchase Banco Pactual SA, an investment bank later acquired by UBS AG. Pactual was sold back to BTG Partners in 2009 and is now Banco BTG Pactual SA. BTG went public last year in a $1.94 billion initial offering that Goldman Sachs helped underwrite.
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