Goldman Sachs Group Inc. to add about 100 staff in Singapore
Goldman Sachs Group Inc. plans to add about 100 staff in Singapore, taking its headcount in the Southeast Asian financial hub to a record, following a tumultuous period in the region.
All of the new positions will mainly be in technology, and the appointments will take the number of employees in the city to more than 1,000, E.G. Morse, head of Goldman Sachs’ regional operations, said in an interview. About 60% of existing staff work in support and technology roles.
Part of the tech hiring will support the bank’s cash management operations, a new area of business for Goldman Sachs, according to Morse. The firm also plans to hire more investment bankers as it faces its “strongest deal pipeline for many years,” he said.
“We are looking to really grow our franchise here across all products,” Morse said. “It’s a significant and major client hub from banking clients to asset managers.”
Singapore is becoming the focus of Goldman Sachs’ regional strategy after the fallout from a corruption scandal involving Malaysia’s 1MDB sovereign wealth fund tarnished its image in Asia and further afield. The bank joins global rivals expanding in the island state given its status as a rapidly growing wealth management center and an alternative to Hong Kong, which has been plagued by political unrest.
Goldman Sachs provides services such as investment banking, asset management, wealth management, securities, and commodities trading out of its Singapore hub.
