Goldman Sachs: Switzerland I’m coming

Goldman Sachs 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, aas Bloomberg News reported.

The change would allow Goldman Sachs to do a wider range of broker/dealer-type activities, and does not involve the New York-based bank expanding in the wealth management or advisory businesses, the person said.

The bank began in Zurich in 1974 and its main business in Switzerland includes asset and wealth management as well as equities trading and M&A advisory. The U.S. bank in 2001 opened an office in Geneva which was later closed down. Goldman Sachs declined to comment.

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.