Goldman Raids Citi Brazil Staff

Goldman Sachs has been on a hiring spree to strengthen its Brazilian investment bank and futures business. Fabio Bicudo is rejoining Goldman as MD and head of investment banking services for Brazil from Citi, which he joined in 2006. Flavio Aidar, Joao Schmidt, Eduardo Guimaraes and Cristiano Camargo also come on board from Citi at the VP level. Separately, ex-BTG partner Bruno Carvalho was hired as MD and head of Goldman’s futures business. Internally, MD Antonio Pereira has been promoted to head of M&A and corporate finance. The hires reflect the growing importance of Brazil to the bulge bracket firm. Goldman has been a bookrunner on 5 Brazil equity deals with a value of some $7bn since mid-2009 and acted as lead manager in 4 bond deals worth some $2.5bn as well as playing advisory roles in M&A deals such as Namisa and the acquisition of a stake in Cetip by Advent. The moves are a blow to Citi, which saw the departure of M&A wizard Ricardo Lacerda in July last year. This year, Citi is outside the top 10 for LatAm equity mandate wins, although it comes fourth for M&A mandates, according to Dealogic. Citi says it continues to advise the most important Brazilian companies and develop and hire well experienced professionals. A senior Brazil appointment is expected from Citi this week.