Goldman Axing US Staff, Hiring in Singapore

Move seen as bet against US economy
By Rob Quinn,  Newser Staff
Posted Jun 29, 2011 2:43 AM CDT
Updated Jun 29, 2011 7:00 AM CDT
Goldman Axing US Staff, Hiring in Singapore
Singapore will soon be home to a thousand more Goldman staff.   (AP Photo/Wong Maye-E)

Goldman Sachs is planning a major hiring spree in Singapore, even as it prepares to slash its headcount in the US to cut costs. The financial giant is so worried about criticism over the job shift that it has taken the unusual step of notifying lawmakers about its hiring plans, insiders tell Fox News. The 1,000 jobs the company is adding in Singapore will mostly be the same kind of high-paying investment banking positions that Goldman plans to cut in the US, a source says.

Goldman's shifting of jobs overseas is likely to spell bad news for more than just Wall Street bankers, according to Daniel Indiviglio at the Atlantic. It looks like the firm is both aiming to escape new financial regulation and betting against the US economy, he writes—and Goldman has a history of being ahead of economic trends. "If Goldman is right, then the US is going to be in for a rough time over the next decade or so. And other Wall Street firms moving more workers overseas will make matters worse," he concludes. (Read more Singapore stories.)

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