Goldman Sachs hires hundreds of employees

Goldman Sachs is massively expanding its China and Hong Kong business and is in the process of hiring 320 people, including 70 for investment banking. The hiring drive comes as China’s financial market fully opens up to foreign brokers and asset managers, Bloomberg reports. According to the report, Goldman plans to take 100 percent ownership of its securities business in China and build its own wealth management division. After reaching an agreement with its joint venture partner late last year to acquire the remaining stake, the bank is still waiting for the green light from regulators to fully take over the securities business. Goldman Sachs would then become the first Wall Street bank to operate a standalone securities business in China. JPMorgan Chase is aiming to do the same.