Goldman Sachs to hire tech employees in Singapore

Part of the tech hiring will support the bank’s cash management operations.

Goldman Sachs Group plans to hire about 100 tech staff in Singapore following a tumultuous period in the region, reports Bloomberg.

According to head of regional operations EG Morse, about 60% of the company’s existing staff work in support and technology roles and part of the tech hiring is going to support the bank’s cash management operations, a new area of business for the company.

"We are looking to really grow our franchise here across all products," Morse said. "It's a significant and major client hub from banking clients to asset managers."

Singapore is becoming the focus of Goldman Sachs' regional strategy after the fallout from a corruption scandal involving Malaysia's 1MDB sovereign wealth fund tarnished its image in Asia and further afield.

Also Read: Goldman Sachs to pay US$122 over 1MDB scandal

Whilst acknowledging that the scandal hurt the bank's reputation, Morse emphasised that the controversy has not impacted the bank’s hiring plans in Asia.

Goldman Sachs provides services such as investment banking, asset management, wealth management, securities and commodities trading out of its Singapore hub.

Here’s more from Bloomberg.