Goldman Gets Approval to Take Full Control of China Venture

Goldman Sachs has hired 116 this year in mainland China
Approval brings firm closer to ‘one Goldman’ in all markets

Goldman Sachs Group Inc. headquarters stands in New York, U.S.
Photographer: Jeenah Moon/Bloomberg

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By Cathy Chan and Candice Zachariahs

December 7, 2020 at 11:21 PM EST

Updated on

October 17, 2021 at 11:51 PM EDT

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Goldman Sachs Group Inc. won approval to take 100% ownership of its securities joint venture in China, a key step to expand in the country even as growing political tension and a Beijing-led crackdown on the private sector has ratcheted up risks.

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 U.S. bank has already added 116 staff onshore this year, boosting the total to more than 400, a spokesman said.