In the three years since Goldman Sachs launched its business in Brazil, growth has exceeded all expectations. Head count in the São Paulo headquarters has grown from 25 to 250, and Valentino Carlotti, president of Goldman Sachs Bank in Brazil, predicts it will double again in the next two to three years. So what concerns him?
"The growth opportunity is huge,” says Carlotti. "We expect Brazil to become a major contributor to the revenue generation of the firm. But we can’t get that done without attracting and retaining great talent." Right now, that’s a challenge for Carlotti, who often finds himself playing musical chairs with other firms for in-demand homegrown high performers. Despite the depth of Goldman’s bench in developed countries, Carlotti doesn’t want to principally rely on expats from the United States or Europe. “Given what has shaped this market, local talent is very sophisticated, very savvy, and, in many ways, more creative and innovative.” A shortage of local talent, he fears, could “impact the growth.”
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