Goldman Sachs Group is adding around 1,000 positions in its Singapore office. The company did not explicitly say that this would mean an equivalent number of job losses in America.
Pasadena, CA -- (SBWIRE) -- 07/04/2011 -- Jobs are being cut again in Wall Street, and this time even high paying jobs in prestigious firms are being cut.
Goldman Sachs Group is adding around 1,000 positions in its Singapore office. The company did not explicitly say that this would mean an equivalent number of job losses in America. But it is concerned about critics in Congress and has been alerting aides of lawmakers about its hiring plans. The firm also plans on cutting $1 billion in costs this year, which many fear will mean more layoffs.
The employees that Goldman Sachs will be hiring in Singapore are going to be high-paying and skilled professionals. They will be working in its sales and investment banking departments. Goldman Sachs will also be expanding its operations in Brazil and India.
Credit Suisse Group will also be cutting 400 to 600 employees, while Barclays PLC has so far cut over 700 jobs. The Wall Street Journal says that the main reason for these changes is the changed environment after the passage of the Dodd-Frank Act. With new regulations in place, companies like Goldman need fewer people working for them.
The financial industry may be going through mergers and acquisitions, but jobs do exist across the country for well qualified people as well as for new graduates looking for entry level financial services jobs. FinancialServicesCrossing, a job aggregator website for finance professionals, has found over 22,000 jobs in the last seven days.