(Reuters) – Goldman Sachs announced on Wednesday the opening of a new office for its Private Banking division in Monaco as part of its European expansion.

The Wall Street investment bank has hired bankers Arnaud Caussin, Thibaut Lambert and Serge Olive to lead this new office and advise wealthy area residents on wealth management and investing.

“Opening our presence in Monaco is key to delivering on our regionalization strategy and overall development,” said Chris French, Goldman Sachs co-head of private banking for EMEA.

Goldman Sachs reported weaker-than-expected fourth-quarter results last month, which weighed on the stock due to weak trading activity and rising costs. (Written by Elena Vardon, edited by Jean-Michel Bélot)

FILE PHOTO: A Goldman Sachs sign is seen above the floor of the New York Stock Exchange , January 24, 2014. REUTERS/Lucas Jackson