Part of the tech hiring will support the bank’s cash management operations.
Goldman Sachs Group is planning to hire roughly 100 tech staff in Singapore following a difficult period in the region, according to Bloomberg.
Singapore is becoming the focus of Goldman Sachs’ regional strategy after the fallout from a corruption scandal involving Malaysia’s 1MDB sovereign wealth fund tarnished its image.
According to head of regional operations EG Morse, about 60% of the company’s existing staff work in support and technology roles and part of the tech hiring is going to support the bank’s cash management operations, a new area of business for the company.
“We are looking to really grow our franchise here across all products,” Morse said. “It’s a significant and major client hub from banking clients to asset managers.”
While acknowledging that the scandal hurt the bank’s reputation, Morse has emphasised that the controversy has not impacted the bank’s hiring plans in Asia.
Here’s more from Bloomberg.
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