Goldman Sachs Group Inc. plans to ramp up its wealth management business by expanding its adviser force in the next couple of years.
Goldman Sachs spokeswoman Melissa Daly confirmed the plans, but declined to disclose how many advisers would be added.
The current 600-member adviser force will expand to 800, according to Dow Jones, which first reported the news.
The focus of the expansion will include the United States and other countries poised for growth, such as Brazil, China and those in the Middle East.
Banks are under increased regulatory pressure to meet higher capital requirements.
The potential recruitment efforts for the staff expansion plans might not make a difference to those already on Wall Street, according to Danny Sarch, president of Leitner Sarch Consultants, an executive search firm for the financial services industry.
Unlike other major wealth management firms' hiring practices, Goldman does not typically recruit talent from its competitors, Sarch said.
Instead, the firm frequently turns to college campuses or other job functions or industries with sales experience, such as analysts and accountants, grooming those professionals.
