After the fallout from its involvement in the 1MDB scandal, the U.S. investment bank is planning to grow its presence in Singapore.
The firm is planning about 100 new hires, mostly in technology roles, and will bring its headcount to more than 1,000 in the republic, E.G. Morse, head of Goldman Sachs’ regional operations, said in an interview with «Bloomberg.»
«We are looking to really grow our franchise here across all products,» Morse said, calling Singapore a «significant and major client hub.»
Hong Kong Alternative
Goldman Sachs' Asia operations contributed 14 percent of its global revenue in 2020. It provides services such as investment banking, asset management, wealth management, securities and commodities trading in Singapore, which is becoming more attractive as a regional hub for global banks amid political uncertainty in rival Hong Kong.
Room to Grow
The firm hired has hired 10 global macro traders in Singapore over the past 18 months and is considering growing its ranks of wealth managers and commodity traders here, Morse said.
Goldman also launched a regional FX pricing engine in the city-state this year.
