UBS to take on Goldman

UBS Group AG’s plan for an unprecedented expansion in China is turning up the heat on Goldman Sachs Group Inc., the only global securities firm that can fully compete with it on the mainland.

Chief Executive Officer Sergio Ermotti, undaunted by the country’s economic slowdown and stock market turmoil, told Bloomberg Television on Monday that he plans to add about 600 people in China over the next five years, across businesses ranging from wealth management to investment banking.

UBS and Goldman Sachs are the only foreign firms that can offer a full range of services in China through their securities joint ventures, a key advantage over rivals. With long-dominant local firms like Citic Securities Co. under pressure from a government crackdown on financial-industry misconduct, Ermotti is eyeing a rare opportunity to take market share.

Source: Bloomberg

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