Goldman Sachs is beefing up its private wealth management business, with plans to increase the unit’s adviser headcount by a third, Reuters reported.
Obviously the order comes from the very top; Lloyd Blankfein regularly extols private wealth as an area with huge growth potential.
Brazil, China and the Middle East will all see adviser numbers grow, as will certain U.S cities.
The private wealth unit currently has 600 advisers and the expansion effort should take that number to 800.
This part of the bank historically accounts for a very small portion of Goldman’s business, and the firm “typically reveals almost nothing” about it, according to Reuters.
Other banks should be wary too – Goldman plans to recruit the new advisers from rival firms.
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