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Goldman Sachs' Brazil unit to replace CEO post with 6-man executive team

Goldman Sachs Group Inc. will remove the CEO post for its Brazilian subsidiary, Goldman Sachs do Brasil Banco Múltiplo SA, as part of a wider management restructuring, Reuters reported.

CEO Maria Silvia Marques will step down and become the chair of Goldman Sachs do Brasil's consultative board, Latin America co-heads Gonzalo Garcia and Ram Sundaram said.

Replacing the CEO position is a new executive committee composed of six people. In addition to Rodolfo Soares and Ricardo Bellissi, who were previously announced as co-heads of the investment banking division, the bank named Ricardo Mourão as head of operations and Daniel Motta as head of equities and fixed income, Folha De S.Paulo reported.

The bank also appointed Paula Moreira as head of asset sales and Juliano Arruda as brokerage head.

The changes will be effective on April 1.

Separately, Morgan Stanley said Alessandro Zema, head of investment banking in Brazil, will become the company's president for the country, Valor Econômico reported. The position has been vacant for at least three years.

Morgan Stanley operates in Brazil through São Paulo-based Banco Morgan Stanley SA.