Goldman boss David Solomon says the key step marks a new chapter for its China business
Regulator's approval means the end of Goldman's 17-year joint venture with banker Fang Fenglei, who set up business with a loan from Goldman in 2004The Goldman Sachs stall on the New York Stock Exchange. Picture: BRENDAN MCDERMID/REUTERS
The move gives the firm free rein to pursue a clearer growth strategy that includes doubling its workforce in China to 600 and ramping up in asset and wealth management. The US bank has already added 116 staff onshore this year, boosting the total to more than 400, a spokesperson said. This “marks the start of a new chapter” for the China business and “will enable us to position our firm for long-term growth and success in this market under one wholly-owned entity”, the bank’s top executives, David Solomon, John Waldron, and Stephen Scherr, said in an internal memo.
Goldman is the second Wall Street firm to be granted full ownership of its onshore securities operations. The approval came about 10 months after it signed an agreement with its partner to take full control. It took the firm 7 months to win a nod in March 2020 to boost its stake in the venture to 51% from 33%.
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