Goldman Sachs Plans To Hire 1,000 In Singapore While Cutting U.S. Jobs

[ProfessionalLeftist]

Goldman Sachs, the country's fifth-largest bank by assets, plans to hire 1,000 people in Singapore while laying off a significant number of workers at home, according to Fox Business News.

What's more, the investment bank plans on making the decision known to Congress even before telling its own shareholders, fearful of backlash. The jobs are “high-paying, skilled positions in sales and investment banking," according to one person familiar with the matter. Or, in other words, the Singapore hires will be filling the same sort of positions that are being cut in the United States.

News of hiring in Singapore comes at the same time the company has announced plans to cut costs and, more specifically, jobs. Over the coming year, Goldman Sachs plans to cut 10 percent of non-compensation expenses, or $1 billion in costs. The investment bank already laid off five percent of its traders in March and plans to lay off the most underperforming five percent of its staff later this year, according to Reuters.

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http://www.huffingtonpost.com/2011/06/27/goldman-sachs-outsources-singapore_n_885549.html

[Anakin Skywalker]

1. Aww. That means no more luxury lifestyles for some traders? Maybe bike to work now?

Instead of running pedestrians over in your high-falutin' $100,000+ automobiles? Maybe Jack in the Box and not Wolfgang *uck?

My heart is bleeding for you because yes, I am a "bleeding heart liberal". LOL

[Dept of Beer]

4. They're still being *outsourced. Yeah, they suck, but G.S. sucks more.

*And now there will be more unemployed. I'm sure they will find work, but the idea of more jobs moving overseas ust pisses me off.

[Anakin Skywalker]

6. Goldman Sucks. And outsourcing sucks!

I'm just getting a little laugh because these trader types are the exact ones who least sympathize with blue-collar jobs being outsourced. In fact, they favor that (they hate minimum wage laws, unions, etc.) These are brutal, ruthless people who profit at the misery of others and they always fail to see that what goes around, can come around.

[Dept of Beer]

2. Goldman Sachs: "Thanks for the TARP bailout jokers!"

We'd love to help the economy out and all, but we really need to take our $$ and hit the road to Splitsville.

[provis99]

3. Hey newly unemployed investment bankers:

You live by capitalism, you die by capitalism.

[Dept of Beer]

5. We all do.

[Downtown Hound]

7. Welcome to the world of the small people

newly unemployed bankers.