Goldman Sachs is ramping up its Geneva office aiming to expand its staff from 5 to 25 in the next three years in a vote of confidence in the city, Le Temps reported, citing an interview with the bank's Swiss head.Goldman Sachs is taking an office move within the Swiss city as an opportunity to include asset and wealth management in its offering, beside its flagship investment banking and securities services.
The wealth managers will target customers with at least $10m to invest and each will handle 25 to 40 clients,
The move comes after Goldman Sachs reopened Geneva last year after shuttering the office in 2016. The bank, under Swiss head Stefan Bollinger, recently bedded down in Zurich, upgrading the office into a branch regulated by Swiss overseer Finma, from a representative office previously.
The move would be a boost a Geneva, which has seen its banking numbers decline. Some wealth management business has moved to Asia, while Swiss lenders have come under siege from foreign prosecutors targeting their citizens stashing money in the country. Employment in Geneva's banking sector fell from a 2012 peak of 20,750 to about 18,300 in 2017, Bloomberg reported.