Goldman Sachs has been reportedly ramping up its employee headcount in mainland China and Hong Kong in the first four months of the year.

The US-based investment giant is in the process of recruiting 320 staff, including 70 resources to focus on investment banking coverage, Bloomberg reported citing a person familiar with the development.

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Goldman is planning to hire another 100 employees through the rest of the year, according to the source who asked not to be identified as the matter is confidential.

A majority of the new hires are expected to fill newly created roles at the firm.

Goldman Sachs Todd Leland is said to working to implement a China strategy that looks to acquire 100% of a securities venture and to launch a new asset management unit on the mainland.

Said to be presented to the company’s board in late 2019, this five-year plan outlines doubling its employee count to 600 in China and expanding in advisory, securities, and wealth management.

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A media representative for the firm in Hong Kong declined to comment on the new hires.

Hiring spree

Goldman has been beefing up its workforce globally as part of its expansion plans around the world.

Last month, reports emerged that Goldman is planning to expand its workforce by 40% in the Nordic region as part of its efforts to grab a bigger share of the asset management and investment banking service in the region.

In March this year, the bank 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 January last year, Goldman announced plans to grow its private wealth adviser headcount by 250 in its first-ever investor day presentation.