Goldman Sachs in unprecedented hiring boom in China

Goldman Sachs is on an unprecedented hiring spree in China.

Goldman Sachs Group has launched an unprecedented hiring spree in mainland China and Hong Kong in the first four months of this year, with some media describing the Wall Street giant as pushing further into China, the world’s second-largest economy. (By Derek Fong)

“Bloomberg quoted a person familiar with the matter, who asked not to be named, as saying the bank is hiring 320 employees, including 70 to focus on investment banking. The bank plans to add another 100 employees for the rest of 2021, many of them filling newly created positions this year, the person said.

Goldman Sachs and its rivals are reportedly competing for talent as China fully opens its $54 trillion financial market to foreign brokerages and asset management firms. Although related developments were previously slowed by the new crown pneumonia outbreak, Goldman co-president Todd Leland of Asia Pacific (excluding Japan) is now in the running to buy a 100 percent stake in a securities firm and to set up a new asset management unit on the mainland.

Goldman’s management’s five-year plan, to be presented to the board in late 2019, calls for Goldman to double its China workforce to 600 and expand significantly in advisory, securities and wealth management.

A Goldman Sachs corporate communications representative in Hong Kong declined to comment to Bloomberg on the hires.

With billions of dollars in profits at stake, the global bank is closely watching growing political tensions between the West and China, including human rights abuses in Xinjiang and the Communist Party’s crackdown on political dissidents in Hong Kong. UBS Group AG, Credit Suisse Group AG and HSBC Holdings Plc are among other companies that have proposed plans to add thousands of employees in China.

A number of international banks have also pumped billions of dollars of new money into China. Goldman Sachs also invested $17.5 billion in China last year.