Goldman Sachs to Double China Headquarters Staff to 600 Over 5 Years

[Asia Economy Reporter Jeong Hyunjin] Global investment bank (IB) Goldman Sachs plans to double its local staff in China over the next five years, Bloomberg reported on the 13th, citing sources.

According to the report, as part of CEO David Solomon's five-year plan, Goldman Sachs intends to increase its China workforce to 600, sources said.

Since taking office in 2018, CEO Solomon instructed the creation of a concrete strategy to expand business in China over the next five years. It is known that in the second half of last year, the company focused on refining its China expansion plan as Chinese government officials signaled their intention to utilize capital markets rather than their domestic banking system.

Goldman Sachs is also taking steps to increase its stake in the local investment banking joint venture from 33% to 51%. If permitted, the company plans to achieve full equity control by the end of the year.

Earlier, the Chinese government, which has been promoting the expansion of financial market openness, set a plan to allow foreign investment banks full equity control by the end of this year. Accordingly, other global financial firms are also planning to expand their business in China. JP Morgan is pursuing plans to expand office space within China, and Swiss investment bank UBS plans to double its local IB staff within the next 3 to 4 years.

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