UBS to take on Goldman

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

Bloomberg News reports that CEO 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 under pressure from a government crackdown on financial-industry misconduct, Ermotti is eyeing a rare opportunity to take market share.

To access the complete Bloomberg News article hit the link below:

It's Ermotti Versus Blankfein in China as UBS Pledges Expansion

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