In a statement Goldman Sachs said, its Private Wealth Management division had opened up a new office in the high net-worth hub of Monaco as part of broader European expansion plans.

To this end, it has hired Arnaud Caussin, Thibaut Lambert and Serge Olive to run its new Monaco office.

Last month, the bank’s shares fell after it reported that its missed quarterly profit expectations, hampered by weaker trading revenues and rising costs.

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