The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Latin America's bulge-bracket banks: Staying power

The bulge-bracket firms are back in Latin America – and their resolve will surely be tested over the next 12 months.


This year’s winners of the Awards for Excellence in Latin America include some surprising names. Not least, perhaps, Goldman Sachs, the region’s best investment bank for advisory.

Goldman has something of a credibility question hanging over it in Latin America. The local banks like to use Goldman as an example to clients (and journalists) of the fickleness of the bulge-bracket firms in the region. The locals over-simplified the waxing and waning of Goldman’s commitment to Latin America, but it was based on sufficient fact to make a point. 

The locals were always going to be there for clients “because they had nowhere to go,” they say. The local universal banks added this line while they leveraged their balance-sheet relationships like crazy. And they were effective. 

Meanwhile, the other international banks that had built bigger and more stable offices, balance sheets and presence in the core Latin America countries also used Goldman to differentiate their onshore strategy.

But in a faintly religious echo of chief executive Lloyd Blankfein’s claim that the bank is doing God’s work, Goldman has risen again. It has used judicious hires of bankers with long-standing regional relationships to blend with the usual Goldman strengths of reputation and risk taking. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree