Goldman Sachs outsourcing 1,000 U.S. jobs to Singapore

By Freddie Pierce
Goldman Sachs is being attacked from news outlets around the United States after it was revealed that the banking giant would be outsourcing at least 1...

Goldman Sachs is being attacked from news outlets around the United States after it was revealed that the banking giant would be outsourcing at least 1,000 jobs to Singapore just three years after taxpayers give the company a $10 billion bailout.

What’s even more troubling is that the outsourced jobs aren’t the kind of jobs that are typically outsourced by companies, like IT and call centers. Instead, Goldman Sachs is outsourcing “high-paying, skilled positions in sales and investment banking.”

The outsourced jobs won’t come at a lower wage, according to David Indiviglio at The Atlantic. Instead, the jobs in Singapore will likely pay about the same as the jobs being outsourced from New York City.

Some are lauding the move as smart business, as the Asian market is booming, which is always good news for banks. According to Indiviglio, other banks could follow Goldman Sachs’ lead, which “isn’t great news for the U.S.”

SEE OTHER TOP OUTSOURCING STORIES IN THE SUPPLY CHAIN DIGITAL CONTENT NETWORK

The Top 5 Tax Efficient Outsourcing Locations

Outsourcing leader Infosys faces visa misuse probe

China facing challenges to catch India in outsourcing

Check out June’s issue of Supply Chain Digital!

While some see the outsourcing maneuver as smart business, Jim Newell at Gawker is happy to see Goldman Sachs gone. “I, for one, won’t be mourning the eastward 'trickle of high-income jobs from the world’s most hated company,'” Newell writes.

The U.S. banking sector is “dangerously bloated,” according to Newell, and needs to start “lending to productive industry.”

While U.S. multinational companies have outsourced close to 2.5 million jobs over the past decade, this new outsourcing move by Goldman Sachs is at the very least a little disturbing in that skilled jobs are being taken out of the U.S. market.

Share

Featured Articles

PwC Examines Digital Trends in Operations for 2024

PwC’s Digital Trends in Operations Survey for 2024 demonstrates a significant proportion of firms are struggling to achieve their desired outcomes

P&SC LIVE New York 2024 Virutal - SAVE THE DATE

Don’t miss out on your chance to attend Procurement & Supply Chain LIVE New York in 2024 Virtually, 5-6 June

Charities & NGOs Submit to The Global P&SC Awards for FREE

The Global Procurement & Supply Chain Awards hosted at P&SC LIVE London Sept 2024 welcomes charities and NGOs to submit for FREE

Procurement & Supply Chain LIVE: 2024 Dates to Remember

Digital Supply Chain

Gartner Unveils Top Supply Chain Technology Trends for 2024

Technology

What the Latest CSDDD Milestone Means for Supply Chains

Sustainability