Goldman Sachs is reportedly on an unprecedented hiring spree in mainland China and Hong Kong as the American lender seeks further expansion in the region.
Goldman Sachs is in the process of hiring 320 employees, according to a «Bloomberg» report citing unnamed sources, including 100 throughout the rest of 2021.
Of the 320 hires, 70 will focus on investment banking coverage.
Mainland Expansion
The recruitment targets are part of a five-year plan to double Goldman’s workforce in China to 600 and expand across advisory, securities and wealth management.
It has already signed an agreement to buy its partner’s 49 percent stake in Goldman Sachs Gau Hua and now awaits regulatory approval, potentially making it the first Wall Street bank with 100 percent ownership of its mainland securities unit.
More recently, it bolstered its onshore business with the appointment of Sean Fan as its co-head of investment banking for China alongside Wei Cai –both from Goldman Sach’s partner class of 2018.
