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Goldman Sachs Outsourcing To Singapore

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It looks like even the lower ranks of the banksters will have to move to Asia to keep their jobs:

There will be quite a few new not-so-happy faces joining the 24 million-plus unemployed Americans soon enough when Goldman Sachs, one of the largest financial institutions in the country, will lay off a large chunk of their domestic employees.

That doesn’t mean that the banking giant is going under, however. At the same time, Goldman Sachs will bring around 1,000 new employees onboard — at their Singapore branch, that is.

Goldman Sachs laid off five percent of its traders earlier this year and is now looking to eliminate the most underperforming five percent again, reports Reuters. In all the company is looking to cut around 10 percent of non-compensation expenses, or around $1 billion in costs. In response to the dwindling number of employees at the country’s fifth largest bank by assets, Goldman Sachs will be filling around 1,000 “high-paying, skilled positions in sales and investment banking,” says one source familiar with the subject. It just so happens that those new positions will be around 9,500 miles from Wall Street.

[...]

full article here:

http://rt.com/usa/news/goldman-sachs-new-year/

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Don't they always cull the bottom 5-10% though? Every year?

Yes, many investments banks do, but they mostly hire a similar amount of people again to get fresh blood.

The important difference in this case is that the new hiring is in Singapore, rather than NY or London.

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Poor Singapore. Its like December 1941 again. The locust swarm, having devoured the West, is now settling on the City State (doubtless Goldman likes Singapore's "Garden City" label).

How long before we see a remake of Tenko with banksters taking the role of the Japanese?

They could call it Banko :lol:<_<

Edited by nmarks

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Poor Singapore. Its like December 1941 again. The locust swarm, having devoured the West, is now settling on the City State (doubtless Goldman likes Singapore's "Garden City" label).

How long before we see a remake of Tenko with banksters taking the role of the Japanese?

They could call it Banko :lol:<_<

My thoughts entirely. Means the West can grow and flourish again. I feel sorry for the East having those Vampires in their back yard. They will need big economies, just to keep old Squiddie in the manner its become accustomed to! laugh.gif

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Yes, many investments banks do, but they mostly hire a similar amount of people again to get fresh blood.

The important difference in this case is that the new hiring is in Singapore, rather than NY or London.

Far be it from me to defend the giant squid, but could these 2 things be unrelated? They could be hiring in Singapore for the Far East market, for instance.

It doesn't specifically say they aren't hiring any new grads in the US.

However, any backlash against GS can only be welcomed. :)

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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