American investment bank Goldman Sachs intends to double its employee strength in China over the coming five years.

The banking major plans to grow its headcount to 600 in the country, according to Bloomberg.

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In August 2019, Bloomberg reported that Goldman Sachs submitted an application with the China Securities Regulatory Commission for a majority stake in its local securities joint venture (JV).

The bank plans to increase its stake in its China JV to 51% from the existing 33%.

A similar move by Swiss banking group UBS was reported by Reuters last year. UBS reportedly plans to double the headcount at its China investment banking JV in the next three to four years.

Goldman Sachs Asia-Pacific operations outside of Japan co-president Todd Leland said: “The leadership in China understands the value of global capital flows.”

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According to Leland, the China expansion of Goldman Sachs will be led by asset management. The bank is also said to enhance its investment banking, markets, private wealth and merchant banking businesses in the country.

Several US-based banking groups are looking to ramp up their China presence as the country opens its financial services industry to foreign players in a bid to increase competition.

Bloomberg reported last month that BlackRock and Temasek are in talks to launch an asset management business in China in partnership with China Construction Bank.

Citigroup too is reportedly weighing the option of launching a wholly-owned securities unit in China.

Recently, Vanguard also collaborated with Ant Financial Services to offer retail investment advisory services in China.

Last month, JPMorgan Chase obtained the final regulatory nod to set up its majority-owned securities joint venture (JV) in China.