Goldman Sachs Group Inc. (NYSE: GS) is planning to add about 6 senior bankers over the next 6 months and is looking to invest more in Asia as they want to grow in investment banking. The company has been minimizing costs with lower headcount and dealt with tighter compensation and retrenchment from some investment banking segments since the global financial crisis.
The company is looking to grow in investment banking after experiencing weak performance in their core bond trading unit as well as expected rollback of regulations for banks under the administration of U.S. President Donald Trump. Goldman has hired about 25 people mostly junior bankers over the past 9 months to 12 months in Japan, Australia, as well as other countries in Asia expecting growth in GDP in China. More senior staff is to be added as well in China.
Goldman aims to broaden and deepen coverage of companies as well as unlisted companies to look for banking opportunities in debt financing, merger and acquisitions advice, and equity issuance. The bank is also looking to increase equity investments through their merchant banking business especially in Asia since investment banking fees in Asia aren’t as big as they are in the U.S or Europe.