Foreign banks plan Saudi expansion amid economic reform

Foreign banks plan Saudi expansion amid economic reform:

"Goldman Sachs, JPMorgan, UBS and Citigroup are all planning to substantially increase their headcount in Saudi Arabia, executives said, as foreign banks expect lucrative opportunities from the country’s privatisation boom and its increasingly liberalised financial markets.  Wassim Younan, Goldman Sachs’ regional boss, said his bank could double its Saudi headcount in the next 12 months, while UBS plans to double its Riyadh workforce over the coming years. JPMorgan will increase headcount in Saudi Arabia by about 50 per cent, to 100 people, within the next three years, making the bank’s Riyadh office the same size as its regional headquarters in Dubai."



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