- Joined
- Apr 10, 2011
- Messages
- 177
- Points
- 0
http://www.todayonline.com/Business/EDC110628-0000397/Goldman-Sachs-to-add-1,000-jobs-in-Singapore
'Goldman Sachs to add 1,000 jobs in Singapore'
Updated 09:10 AM Jun 28, 2011
NEW YORK - Goldman Sachs is set to announce significant job cuts in its United States offices, while planning to add "1,000 jobs" in Singapore, according to sources in Washington.
Fox Business Network, citing a source with knowledge of the matter, reported yesterday that the jobs in Singapore are likely to be "high-paying, skilled positions in sales and investment banking".
Added the source: "They are expanding overseas, the same type of high-paying jobs they are going to cut here in the US."
The source said the bank has taken the precautionary step of informing the US government of the impending moves, even before it informed its shareholders, as it is "afraid of the fallout" in America.
Executives are "so concerned about this juxtaposition - cutting here, expanding overseas - that they are spending time in Washington alerting lawmakers before it comes public to soften the blow", Fox Business Network quoted the source as saying.
The move is part of Goldman Sach's plans to slash US$1 billion (S$1.24 billion) in costs over the next year. which will mean "a significant, though still undetermined number of layoffs across its operations", the source said, with the biggest number of cuts to come from its US offices.
As a result of the 2008 financial crisis, banks in the US will soon face tough regulations, mainly in the form of the Dodd-Frank financial reform bill, meant to ensure the government will not have to foot the bill should banks collapse, like Lehman Brothers did three years ago.
The new regulations will require banks to hold greater capital reserves as a buffer against potential losses - hence the cost-cutting exercise Goldman Sachs is undertaking.
"We're a global business and we manage headcount in a way which most closely reflects the needs of our clients and where we see opportunities to serve our shareholders most effectively," a Goldman Sachs spokesman has previously said on the topic of overseas hiring. AGENCIES
'Goldman Sachs to add 1,000 jobs in Singapore'
Updated 09:10 AM Jun 28, 2011
NEW YORK - Goldman Sachs is set to announce significant job cuts in its United States offices, while planning to add "1,000 jobs" in Singapore, according to sources in Washington.
Fox Business Network, citing a source with knowledge of the matter, reported yesterday that the jobs in Singapore are likely to be "high-paying, skilled positions in sales and investment banking".
Added the source: "They are expanding overseas, the same type of high-paying jobs they are going to cut here in the US."
The source said the bank has taken the precautionary step of informing the US government of the impending moves, even before it informed its shareholders, as it is "afraid of the fallout" in America.
Executives are "so concerned about this juxtaposition - cutting here, expanding overseas - that they are spending time in Washington alerting lawmakers before it comes public to soften the blow", Fox Business Network quoted the source as saying.
The move is part of Goldman Sach's plans to slash US$1 billion (S$1.24 billion) in costs over the next year. which will mean "a significant, though still undetermined number of layoffs across its operations", the source said, with the biggest number of cuts to come from its US offices.
As a result of the 2008 financial crisis, banks in the US will soon face tough regulations, mainly in the form of the Dodd-Frank financial reform bill, meant to ensure the government will not have to foot the bill should banks collapse, like Lehman Brothers did three years ago.
The new regulations will require banks to hold greater capital reserves as a buffer against potential losses - hence the cost-cutting exercise Goldman Sachs is undertaking.
"We're a global business and we manage headcount in a way which most closely reflects the needs of our clients and where we see opportunities to serve our shareholders most effectively," a Goldman Sachs spokesman has previously said on the topic of overseas hiring. AGENCIES
