Goldman Sachs on an unprecedented hiring spree in China

Goldman Sachs on an unprecedented hiring spree in China

Goldman Sachs Group Inc has been on an unprecedented hiring spree in mainland China and Hong Kong in the first four months of the year as the Wall Street titan pushes further into the world's second-largest economy. The bank is in the process of hiring 320 staff, including 70 to focus on investment banking coverage, said a person familiar with the matter, who asked not be identified discussing confidential information. It's planning to add another 100 employees through the rest of 2021, with many of the additions this year filling newly created roles, the person said. Goldman and its rivals are vying for talent as China opens its $54 trillion financial market fully to foreign brokerages and asset managers. After being slowed by the pandemic, regional head Todd Leland is now racing to implement a China strategy that includes gaining 100% of a securities venture and setting up a new asset management unit on the mainland. The five-year plan presented to the board in late 2019 envisioned doubling Goldman's workforce to 600 in China, and expanding in advisory, securities and wealth management. With billions of dollars in profits at stake, global banks are looking past increasing political tension between the