Goldman Sachs plans to hire 50 to 60 staff for its Moscow office over the next 12 months, a source familiar with the matter said on Monday, as it joins other big investment banks expanding in Russia, the Reuters reported on Monday.

The hires will be spread across Goldman’s businesses and will include IT and support staff, the source said.

Goldman Sachs declined to comment.

Goldman has long maintained a small presence in Russia, but in August this year the bank obtained a license to trade securities in the country.

Many of the big investment banks have been expanding in Russia, eager for a share of revenues from Russia’s natural resources industry and fast-growing corporate sector.

Some firms, such as Citigroup, are expanding there organically, while others have bought Russian broking firms, including Deutsche Bank’s purchase of UFG and UBS’s of Brunswick.

Lehman Brothers has a joint venture with Russian investment bank Renaissance Capital but is currently looking at ways of expanding its presence.

The banks are pressing on with expansion plans despite evidence of difficulties in doing business in Russia, in terms of potential political risks and organized crime.

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