Goldman Sachs Firing In U.S., Hiring In Singapore

June 30, 2011
by Marcy Bonebright


Goldman Sachs is reportedly firing U.S. employees in order to hire 1,000 people in Singapore.

Goldman Sachs is cutting jobs in the United States so it can expand in Singapore. The company, which received $10 billion in preferred stock purchases from the Federal government under the Troubled Asset Relief Program, alerted Washington to the move first, in order to avoid controversy.

“Goldman is so concerned about the potential for criticism that the firm’s representatives have been alerting staffers of lawmakers in Washington of the hiring spree in recent weeks as a way to mollify any concerns they may have about previously undisclosed plans to add 1,000 jobs to the firm’s Singapore office, according to people in Washington with direct knowledge if the matter,â€