American investment bank Goldman Sachs has unveiled plans to grow its private wealth adviser headcount by 250 in its first-ever investor day presentation.

The bank aims to increase its advisory workforce in the Americas by 20% in the coming three-year period. In both the EMEA and APAC regions, it plans to increase the number of advisers by 50%.

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The headcount increase will be made via organic talent development, lateral hires, and experienced hires, Goldman Sachs noted.

The bank anticipates that its return on tangible common equity will be more than 14% in three years.

It also expects a CET1 ratio of between 13 and 13.5% and an efficiency ratio of 60%.

Moreover, the bank said that it will rename boutique wealth management firm United Capital as Goldman Sachs Personal Financial Management.

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Goldman Sachs snapped up United Capital last year in a $750m deal.

Goldman Sachs chairman and CEO David Solomon said: “We are resolute in fulfilling our purpose of putting capital and ideas to work to evolve organisations, accelerate global economies and amplify personal prosperity.

“We believe that this deep commitment, combined with the talent of our people and our risk management culture, positions us to deliver higher, more durable returns for our shareholders over the long term.”

According to recent reports, Goldman Sachs will double its employee strength in China over the coming five years and is in talks with ICBC’s wealth management unit to launch a majority-owned joint venture in China.

In Q4 2019, Goldman Sachs’ net income plunged 26% to $1.73bn on a year-on-year basis.

The bank’s wealth management unit generated revenue of $1.18bn in the quarter.