Goldman Wins Nod for Full Ownership of China Securities Firm (1)

Goldman Sachs Group Inc. won approval to take 100% ownership of its securities joint venture in China, a key step to expand in the country even as growing political tension and a Beijing-led crackdown on the private sector has ratcheted up risks.

The move gives the firm free rein to pursue a clearer growth strategy that includes doubling its workforce in China to 600 and ramping up in asset and wealth management. The U.S. bank has already added 116 staff onshore this year, boosting the total to more than 400, a spokesman said.

Global banks are pushing to gain a ...