Goldman Sachs’ 2000 people in Hong Kong have had a party
A few weeks ago, Goldman Sachs’ staff in Hong Kong, some 2,000 people in total, threw a party.
The reason for that was perfectly innocuous. The bank was celebrating its 40th anniversary in the city, a period in which it grew from “two people in one room” to two entire offices – nine floors of the Cheung Kong Center and a second presence in Lee Garden Three, Causeway Bay.
Goldman’s presence in the city stretches back to 1983, and whilst the current offices being bigger than first one is a strong sign of growth, it’s not all been smooth sailing. The bank went through a round of cuts at the end of last year.
The number that departed wasn’t huge compared to overall headcount figure there, but it was pretty noticeable given that it came at the tail end of a growth surge in the city – SCMP reported that the bank was seeking to hire around 400 people to its China & Hong Kong offices in 2021. Goldman's Hong Kong layoffs have also likely continued into this year, given the various rounds of cuts at the firm, although they've been a little more undercover.
Goldman’s Hong Kong office is headed up by Asia Pacific (ex-Japan) chief Kevin Sneader. He joined from McKinsey & Co, the management consultancy, where he spent 32 years, including a three-year stint as the firm’s global managing partner.
British-Canadian Sneader is in many ways not a typical Goldman hire, however. In Hong Kong, Goldman likes to recruit from local universities for its offices. It has three favourites: University of Hong Kong (HKU), the Hong Kong University of Science and Technology (HKUST), and the Chinese University of Hong Kong (CUHK).
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