Lunchtime Links: Goldman Sachs points out that hiring 1,000 people in Singapore is no big deal
Goldman Sachs apparently wants to hire 1,000 people in Singapore. According to Charlie Gasparino, the new hires will be neither product controllers nor IT staff: they will be working in 'high paid' skilled positions in sales and investment banking.
To accommodate all this hiring, Gasparino claims that Goldman will be divesting an equivalent number of staff in the US. Congress has apparently been informed.
All this is causing a giant fuss, with posts like this not unusual on Twitter:
Goldman Sachs Is Firing Employees In The US So It Can Hire 1,000 In Singapore. (or "Thanks for the Bailout!")
Does the Singaporean shift mean that jobs in London are at risk too? Maybe. A spokeswoman at Goldman Sachs didn't respond to this question when we asked it. However, she did point out that hiring in Singapore is perfectly normal, claiming:
"There seems to be a misunderstanding here. We're a global business and we manage headcount in a way which most closely reflects the needs of our clients and where we see opportunities to serve our shareholders most effectively."?
Trading in commodities has been "especially challenged" at Goldman Sachs. (Bloomberg)
John Mack is telling friends that he may leave Morgan Stanley by the end of the year. (Fox Business)
Standard Chartered cut 1,300 people in the first five months of the year, but wants to hire still. (Reuters)
Jefferies has hired an MD from Goldman Sachs for US rates sales. (Bloomberg)
Rothschild is preparing for a 'major push' deeper into the CLO market. (Telegraph)
An employee at Citigroup transferred more than $19m of the bank's money to his own account last year without anyone noticing. (Independent)
What happens when senior hedge fund managers fall out. (FinAlternative)
Alexei Polyakov of Société Génerale, a rainmaker with a reputation for collecting Harley Davidsons and Soviet model girlfriends. (CityAm)
Become a fan of Xania Tchoumitcheva. (Facebook)
If you want your child to become a Wimbledon hero, it will cost you 250k over 10 years. (Financial Times)
