Goldman Sachs has unveiled plans to hire around 100 new people in Singapore, a move that will increase its headcount in the Southeast Asian financial hub to over 1,000.
In an interview with Bloomberg, Goldman Sachs regional operations head E.G. Morse said that the new hiring will primarily be in technology. Some of the new hires are expected to support the bank’s cash management operations.
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The plan to recruit more investment bankers is also under consideration.
Morse was quoted by the publication as saying: “We are looking to really grow our franchise here across all products. It’s a significant and major client hub from banking clients to asset managers.”
The move comes at a time when Goldman Sachs is seeking to emerge from Malaysia’s 1MDB sovereign wealth fund scandal that largely tarnished its image. The firm even slashed CEO pay as a punitive measure for the bank’s role in the scandal.
The investment bank is also increasing focusing to bolster its footprint in Singapore as part of its regional strategy amid political turmoil in Hong Kong.
Over the past 18 months, it has hired ten global macro traders in Singapore as well as wealth managers and commodity traders, Morse told Bloomberg.
Goldman Sachs also established a foreign-exchange trading and pricing platform in Singapore.
In January, Goldman Sachs reported a 153% year-on-year surge in Q4 2020 net earnings. It also reported growth across all business units.
