HONG KONG (Reuters) – Global financial firms like Goldman Sachs, BlackRock and Fidelity International stand ready to hire hundreds of employees in China a year to take advantage of the $ 40 trillion opening up in the financial sector

Beijing has accelerated the pace of liberalization over the past year and a half, mainly under a trade agreement with the United States, allowing foreigners to fully own their local ventures in areas such as investment banking and wealth management

Now that Western companies have received government approval to increase stakes and deal with the disruption caused by the COVID-19 pandemic, they are preparing plans to increase their presence ashore, representatives and headhunters said

Foreign financial firms have long wanted a greater presence in China, and their expansion is amid an economic recovery, increased onshore deal activity and rapid wealth creation

Goldman is leading the indictment against Wall Street banks operating in China – the first to go into full takeover of the securities business after being fully opened to foreigners last April

According to a Goldman spokesman, 70 employees are to be hired in China in 2021, with the aim of doubling the number of employees to 600 by 2024.The bank currently has around 400 employees The new hiring round is aimed at investment bankers, brokers, analysts and technicians

Fidelity tripled its Shanghai office space in September to accommodate a rapidly growing workforce as it prepares to launch its wholly owned mutual fund unit after China removed foreign ownership caps in the sector last year

The fund manager plans to hire around 100 people in China this year, excluding the Dalian operations and technology center, the company told Reuters

“We hope to be able to recruit high-end talent with a global perspective and local insight into what’s in short supply in the current market,” it said

BlackRock, which forms a 51% controlled wealth management company with Temasek Holdings and China Construction Bank Corp. 601939, SS is hiring at least a dozen senior positions for the company in China, according to global recruitment site Glassdoor

The vacancies, according to the recently published job advertisements, include the Vice President for Commerce, the Vice President for Marketing Strategy, the Head of Risk and Quantitative Analysis and the Manager for Fund Operations

In addition to opening up the financial sector to foreigners, Beijing has also introduced a series of reforms in the areas of capital markets, asset management and insurance in the past few years in order to improve the earnings prospects of Western companies

This has also led to increased activity in the Chinese financial market Shanghai’s STAR market in the Nasdaq style took fourth place in the global stock exchange rankings last year at $ 20, according to Refinitiv, deals worth 3 billion euros were made in 2020

The hiring plans have increased the chances of a talent war as most try to raid other overseas firms in China, some of them also trying to use their existing staff in other locations to expand their Chinese workforce

For example, Goldman plans to hire new employees domestically while leveraging the talent networks overseas to recruit the 70 new employees, the spokesman said

David Chin, the head of UBS China, said the urge to hire people from Western financial firms not only sparked a talent war, but also resulted in banks having to work hard to keep their employees from rivals be poached

UBS announced in January that it would double its investment banking workforce in three to five years

“Of course, we regularly transfer employees from Hong Kong to China, but this must be done in an appropriate manner. Many Hong Kong employees are not the best fit for mainland China, so the number of potential candidates is limited,” said Chin

Reporting by Scott Murdoch in Hong Kong and Samuel Shen in Shanghai; Editing by Sumeet Chatterjee

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World News – FI – Exclusive: Goldman, Other Financial Firms, Add China Workers, Watching Growth

Source: https://www.reuters.com/article/china-financial-hiring/exclusive-goldman-other-financial-firms-add-china-staff-eyeing-growth-idINKBN2AB0CP