Goldman boosts private banking

In a move that signals a major push by Goldman Sachs in Asian private banking, it has moved one of its fixed income stars into a new Asia CIO position and hired a team of highly regarded private bankers from HSBC Private Bank. The move signals Goldman's attempt to reach critical mass in Asia's fast growing private client business - with market rumours suggesting the HSBC team has brought some very senior high net worth client relationships and assets with them.