Goldman Firing in US, Hiring in Singapore

> The jobs in Singapore are likely to be “high-paying, skilled positions in sales and investment banking,” the same types that are likely to be cut in the firm’s domestic operations, according to one person with knowledge of the matter. This person added that the firm has recently briefed people in Washington about the new overseas jobs because it “is afraid of the fallout” as it plans to slash $1 billion in costs over the next year — a move that will mean a significant, though still undetermined number of layoffs across its operations, though people close to the firm expect the biggest hit to come from the US.

what backlash? voters want jobs for joe6pack, they don't care about wall street jobs imho

i think this describes pretty well the general feeling over out-sourcing wall street:

Hey... no fair!

When we invented off-shoring, it was only supposed to happen to losers like assembly line workers and middle managers, not to Really Important People like us! Stop this immediately!

Sincerely,
America's Self-styled Technocratic Elite, PhD.

Wall Street is going to be the place you buy that huge place in a building that used to be a Bankhead

Bank

in a couple of decades from now?

that'd be just like the textile industry nyc used to be a center... not so long ago.

some parts of finance will remain in nyc i guess. but obviously there's no need to keep the side of the biz that advises countries like Lybia con how to manage to lose 98.5% of their fund... wait, maybe that part of the biz should not exist at all.

So notadmin, you are now looking out for Lybia? How nice of you.

lol, financial advisers that achieve the unthinkable should have their biz shut down imho

Singapore workers aren't really that much cheaper than US workers...

The point isn't, and never was, what they cost. The point is that a banker in Singapore doesn't need a Manhattan apartment. Nor for that matter does the banker who was fired to make way for the banker in Singapore.

> Singapore workers aren't really that much cheaper than US workers...

it's not only about actual wages only. solving housing is a headache in NYC, then you have a crappy public educ system to add to the mix (which is not an issue in Singapore). health care and infrastructure wise Singapore seems ahead of NYC too. we do have insurance and no complains there, but the hospitals in NYC don't really lift your spirits, just like JFK. having insurance in USA doesn't mean you don't get depressed when going to the emergency room and seeing what other people without it have to deal with.

another thing to consider is that even the threat to diversify labor abroad calms the spirits of the local workers and their demands on wages. imho if there's a sizable portion of Asians working in NYC, many would love to be able to relocate in Singapore, to be closer to family and to avoid US-visa headaches.

wait...goldman's moving the We Help Kahadaffy Steal/Hide Billions in Aid department out of the US? They're moving the We Help Bankrupt Pigs Countries Fudge Their Books to Join EU department?

Where're FSteve and LICDope? This is so bullish for NYC RE.

Oh, you spell his name with a K. A real intellectual you are Wbuttocks.

""RIF" Carnage Is Back On Wall Street:"

"Goldman Sachs

Number of people cut so far: Unknown, but layoffs happened this week

Unit affected: Employees speculate that a number of the cuts will be/were in equities

Location of layoffs: 230 in New York City; 1000 globally

Number of people expected to be laid off: Approximately 1000 by year's end

Reason for layoffs: A filing with the New York State Department of Labor lists the reason behind the 230 New York layoffs as "Economic." The reasons Goldman plans to add 1,000 jobs to its Singapore offices in the near future, and to lay off about that number world wide to make room for them, are reportedly regulations and a need to cut costs."

http://www.businessinsider.com/wall-street-rif-layoff-carnage-is-back-heres-the-proof-2011-6#goldman-sachs-1

Have any of you spent any extended time in Singapore, know anyone who's gone through the local school system (all the way to U) or actually visited a hospital there? Or visited HDB flats?

Our Asia business is afire largely because trading at least is moving there.

Look at the maid's room at http://www.singaporeexpats.com/singapore-property-pictures/floorplan/draycott-eight/floorplan-03-13.jpg

It's labeled "Utility" and has no window, but has a bed and wardrobe. Would that be a standard condition, or even god forbid a good one?

What the hell do WE care? It's Singapore's problem.

Many of the higher paid employees won't be Singaporean nationals. If they are Singaporean nationals, they will have pursued some portion of their higher education abroad.

NWT - I understand that the Singapore gov't requires bomb shelters in residences (though I don't know how long that reg. has been in effect (i.e newer construction?) and I am sure that many of those "utility" or "bomb shelter rooms" are used as maid's rooms.
In Hong Kong I've seen a wood platform with a " mattress" stuck in the back of a small kitchen serving as the maid's "room".

"In Hong Kong I've seen a wood platform with a " mattress" stuck in the back of a small kitchen serving as the maid's "room"."

That'll be us soon.

Ain't globalization great??

"Dick Bove: NYC Politicians Want To Completely Eradicate Wall Street From The City"

"New York politicians know what their constituents want. They want the financial industry punished. They want Wall Street moguls punished."

"There are no major banking firms headquartered on the physical location known as Wall Street. The two major brokerage firms left in New York have indicated that they intend to cut their costs by a billion dollars apiece in the next three years. To do this they will reduce employment in New York. They will move functions to India, China, and Japan. The fact that the physical place known as Wall Street is no longer the conceptual place known as Wall Street is significant. It reflects that the conceptual Wall Street is leaving New York and the United States."

http://www.businessinsider.com/dick-bove-new-york-politicians-want-to-completely-eradicate-wall-street-2011-7

New York without Wall Street...

Buy now before the rush of indians singaporeans chinese......

Wall Street?...

http://www.hci-international.org/images/photoalbum/20/great_walls.jpg

very funny people actually believe goldman is firing people because of economic reasons. very smart pr. we got our guy paulson to hand us banks a lot of money to "save the economy", the economy wasnt saved and actually is much worse because we got a lot of money from taxpayers, taxpayers are hurting, we have to act like we are hurting as well, lets fire some dumbasses that we hired needlessly and make a big deal of it so it looks like we also hurting in this economy
americans will buy anything

"very funny people actually believe goldman is firing people because of economic reasons."

You are stupid. They are a public company. They are in fact making a lot less money than they were a year ago. period, full stop.

Speaking to the point of Financial Market's weaknesses:

"CBOT June Trading Volume Drops By 92.9% Compared To Prior Year"

"There has to be some mistake here: according to the just released June CBOT volume for futures and options across the 4 key product categories: interest rate, equity index, energy, and commodities, plummeted by 92.9% Year over Year for the month of June. Although apparently not really per Reuters: "Trading volume at the Chicago Board of Trade was down 92.9 percent in June 2011 at about 5.3 million contracts versus about 74 million contracts traded in June 2010,( ) "

"We can only assume this is due to some recalendarization of trading as otherwise this implies an epic collapse in any investor participation."

http://www.zerohedge.com/article/cbot-june-trading-volume-drops-929-compared-prior-year

I dont see where ur boy is getting those figures.

http://www.cmegroup.com/tools-information/build-a-report.html

That is cleary a mistake.

I read the CME release this AM, They were up like 49% in UST futures.

Here:

http://www.cmegroup.com/wrappedpages/web_monthly_report/Web_Volume_Report_CBOT.pdf

I hope ZH is mistaken, too...

kind of a slow news day I guess he just really tried to pull something out of his a$$

Another key driver is taxes. To attract business, Singapore doesn't levy corporate or personal income taxes. Compared w Federal, NYS & NYC payroll taxes that employers are required to pay (in addition to what we pay) and the savings are huge.

This is retarded. here is their monthly volume press release. No need to go fishing around. Sheesh.

http://finance.yahoo.com/news/CME-Group-Volume-Averaged-149-prnews-738492346.html?x=0&.v=1

Clearly, this zero hedge guy is smoking crack.

"WOW: Morgan Stanley "Running Layoff Scenarios Into Several Thousand"

"Layoffs across Wall Street started in June and have continued through the summer.

Morgan Stanley already begun reducing headcount in its brokerage.

But it looks like things are about to get much worse.

"The firm is %u201Crunning layoff scenarios into several thousand folks,%u201D

http://www.businessinsider.com/morgan-stanley-running-layoff-scenarios-into-several-thousand-2011-7

give me a break. what Morgan Stanley broker who wasn't good enough to stay employed, could have actually been residing in Manhattan to begin with?

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_690086.html

"SINGAPORE has entered the top 10 list of Mercer's 2011 cost of living survey, moving up two spots to be ranked the 8th most expensive city for expatriates. Angola's capital, Luanda, has retained the unenviable title of the world's most expensive city for expatriates, narrowly edging out Tokyo, according to the survey published on Tuesday."

Public schools in Singapore do not teach anything, most children have a team of tutors to teach them at home to attend schools which are essentially testing centers. It is essentially free for locals, and a small fee for foreigners. However,99% of expats do not send their kids to local public schools. Most of the international schools cost USD 20k-25k per year per child. The cost of housing is, in some cases, way more expensive than NYC. It costs about USD50k just to buy a certificate so you can purchase a car.

GS obviously does not know what "cheaper" means. Or they are planning to hire 100% locals but that is never the case.

"GS obviously does not know what "cheaper" means."

You are a fucking idiot. No one at Goldman Sachs EVERY said Singapore was "cheaper." Some idiot on this board said that, but no one at Goldman.

jason, your sorrections are accurate--but your indignation makes it seem you work at goldman

and don't use "retarded"--it's unbecoming

woops--corrections

Singapore wages are high, I know that - because I had worked in Singapore for 10 years. I am here because of personal reasons, otherwise I will be more than happy to work in Singapore if I only care about the money.

With Singapore's low personal tax rate, no capital gains and interest income tax, you end up saving a lot of money. Bankers' salaries in Singapore are comparable to New York.

Having said all that, the lifestyle in New York is great. Singapore is a very small island afterall.

And what a crime it would be if I did work at Goldman. (No offence to actual ruh tards meant.)

of course it wouldn't be a crime to work at goldman--and nothing to get indignant about

in fact, if you work at goldman, you are probably quite capable at what you do--and likely well comped

not a crime either

"if you work at goldman, you are probably quite capable at what you do"

Like the fabulous fab?

jason's wet dream is to work at goldman. his primary vocation is calling everyone idiots on this board. he might work in ops processing derivatives contracts - but even that would be a stretch for him.

I'm torn on this one. On the one hand, jason is a weak low-performing idiot with a sexual, racial and age complex that translates into streeteast Tourette's, on the other hand, Wbuttocks is not someone you want around your children or anyone's children for that matter.

Oh man, which one do I pick?

Maybe I can get a third difficult choice, inonada who gives people advice which is entirely ill-suited to them but sounds good enough to make inonada look smart until the advice is vetted.

Hmm

Can we throw in a hairy dirty ape living on west 67th street and owning a porsche, just to make this reality television version of Streeteasy even more interesting?