Goldman Sachs Group, which is looking to increase its employee headcount globally, is reportedly boosting its hiring spree in Latin America.

The firm is set to add new resources to equity research, sales, trading, and derivatives teams in Latin America following a record year in the region, Bloomberg reported.

Goldman Sachs co-head of Latin America Aasem Khalil told the publication that the firm is in ‘growth mode’ in the region and will continue its investment in ‘equity capital markets’.

The New York-headquartered bank currently has around 500 employees in Latin America across its offices in Sao Paulo, Santiago, Lima, Buenos Aires, and Mexico City.

It’s Latin American unit saw a rise in revenue in asset management, global markets, and investment banking in 2021.

The firm also offloaded stakes on public markets in firms including Oncoclinicas do Brasil Servicos Medicos during the year.

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It launched its stock broker-dealer in Mexico in June 2021 and recruited 40 engineers to its Brazilian team to support the Americas emerging-markets and equity-derivatives businesses.

Goldman Sachs co-head of Latin America Ricardo Mora told the news agency in an interview: “We are actively building a bigger engineering hub in Brazil, not only to service our local clients, but also global-markets clients outside of the region.”

According to Khalil, the bank is recruiting additional coverage bankers and executives for equity capital markets in a bid to gain market share in Brazil where it is not active in coordinating listings.

Mora noted that the bank provides private-banking and wealth-management services to Latin American clients from south Florida and Geneva.

Earlier this week, Bloomberg reported that Goldman is planning to double its team in Israel to about 30.