Goldman Sachs on unprecedented hiring wave in China – fr

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Goldman Sachs on unprecedented hiring wave in China – fr


Goldman Sachs Group Inc. has experienced an unprecedented hiring spree in mainland China and Hong Kong in the first four months of the year as the Wall Street titan penetrates further into the world’s second-largest economy.
The bank is hiring 320 people, including 70 to focus on investment banking coverage, said a person familiar with the matter, who asked not to be identified while discussing confidential information. He plans to add 100 more employees until the end of 2021, and many additions this year fill newly created roles, the person said.

Goldman and rivals vie for talent as China fully opens up its $ 54 trillion financial market to foreign brokers and asset managers. After being slowed down by the pandemic, regional manager Todd Leland is now rushing to implement a strategy in China that includes the acquisition of 100% of a securities firm and the establishment of a new unit of asset management on the continent.

The five-year plan presented to the board at the end of 2019 called for doubling Goldman’s workforce to 600 in China and expanding into consulting, securities and wealth management.

A media representative in Hong Kong declined to comment on the recruitments.

With billions of dollars in profits at stake, global banks are looking beyond growing political tensions between the West and China for everything from human rights abuses in Xinjiang to cracking down on political dissent in Hong Kong. Other companies such as UBS Group AG, Credit Suisse Group AG and HSBC Holdings Plc have presented plans to add what amounts to thousands of workers in China.

International banks are simultaneously dumping billions of fresh dollars into the country. Goldman increased its exposure by 33% to $ 17.5 billion last year.

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