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Goldman Plans to Double China Headcount to 600 in Five Years
Published on: 2020-01-19
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031Goldman Sachs Group plans to double its headcount in China over the next five years.

The ambition to raise staffing to 600 is part of a five-year plan drawn up by executives at the New York-based investment bank, said a person familiar with matter who asked not to be identified discussing confidential plans.

032Soon after he was elevated to the top job in 2018, Chief Executive Officer David Solomon asked for a detailed strategy for expanding in China over the next half decade. Foreign banks are preparing to push into the world’s second-largest economy, vying to tend its growing wealth and compete for as much as $9 billion in commercial and investment banking profits, Bloomberg Intelligence estimates. China, meanwhile, is looking for fresh investments to cushion its economy and to attract foreign competition to sharpen the domestic financial industry.

030China has set plans to let foreign investment banks take full control of units in the country by the end of this year, part of an opening of its $45 trillion financial market that also includes asset management and insurance. Goldman is in the process of applying to boost its stake in an investment bank joint venture based in mainland China to 51% from 33% and will go for full control if permitted by year-end.

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