Global financial firms including Goldman Sachs, BlackRock and Fidelity International are poised to add hundreds of staff in China this year as they look to take advantage of the opening up of its 40 trillion financial sector.
Beijing in the last oneandahalf years stepped up the pace of liberalisation mainly as part of a trade deal with the United States, and allowed foreigners to fully own their local ventures in areas including investment banking and asset management.
After having won regulatory approval to raise holdings and dealt with the disruptions caused by the COVID19 pandemic, Western firms are now readying plans to boost their onshore presence, representatives and headhunters said.
Foreign financial firms have long coveted a bigger presence in China, and their expansion comes against the backdrop of a revival in its economy, increased onshore deal activities, and a rapid pace of wealth creation.
Goldman is leading the charge of the Wall Street banks operating in China the first to move towards taking full ownership of its securities business after it was fully opened up to foreigners last April.
It aims to hire 70 staff in China in 2021, a Goldman spokesman said, as it seeks to double headcount to 600 by 2024. The bank has about 400 staff now and the new hiring round will target investment bankers, brokers, analysts and technology staff.
Fidelity tripled its office space in Shanghai in September to accommodate a fastgrowing workforce as it prepares to…