October 12, 2017 / 3:07 PM / a year ago

Goldman Sachs plans to expand Swiss investment bank: source

FILE PHOTO: A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, New York, U.S. on April 16, 2012. REUTERS/Brendan McDermid/File Photo

ZURICH (Reuters) - Goldman Sachs (GS.N) wants to expand its investment bank in Switzerland and is in the process of upgrading its trading operations in Zurich to a branch from a representative office, a source familiar with the matter said on Thursday.

The bank hopes to receive the approval for the switch from Switzerland’s Financial Market Supervisory Authority, FINMA, next year, the person said.

The Wall Street giant’s trading business in Switzerland is part of Goldman Sachs International, its European arm.

News of the Swiss expansion was reported earlier by Bloomberg News.

Reporting by Oliver Hirt; Writing by Joshua Franklin

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