Goldman to Embark on Hiring Spree in Singapore

[Jadey]

http://www.foxbusiness.com/markets/2011/06/27/goldman-to-embark-on-hiring-spree-in-singapore/?test=MM

[solsys]

http://www.foxbusiness.com/markets/2011/06/27/goldman-to-embark-on-hiring-spree-in-singapore/?test=MM

Those vested in CCR, your dream coming true liaoz.......

[lkm]

Those vested in CCR, your dream coming true liaoz.......

What has this got to do with those vested in CCR?

[ay123]

Those vested in CCR, your dream coming true liaoz.......

think they are downsizing other regions and hire from spore right? don think is expat. so shouldnt cause spike in ccr

[Jadey]

think they are downsizing other regions and hire from spore right? don think is expat. so shouldnt cause spike in ccr

Should be a mix of local and expat i guess.

[Laguna]

think they are downsizing other regions and hire from spore right? don think is expat. so shouldnt cause spike in ccr

Shall be on local terms and not the tier 1 bank offers of starting pay of $8,000pm exclude bouns

[rockinsg]

Shall be on local terms and not the tier 1 bank offers of starting pay of $8,000pm exclude bouns

Goldman sach is good paymaster, so expect 180K + for any decent job..

[devilplate]

Goldman sach is good paymaster, so expect 180K + for any decent job..
Yes.....but if u cannot perform, out u go:p

Their performance level damn high

[hopeful]

how much do they pay office boy and mail boy in GS?
Proud owner mentioned perhaps that office boy in US bank paid more than some junior officer in perhaps some Pakistani bank.

I want to apply to be janitor in GS. Night shift.
Watch too many movies again :D

[proud owner]

how much do they pay office boy and mail boy in GS?
Proud owner mentioned perhaps that office boy in US bank paid more than some junior officer in perhaps some Pakistani bank.

I want to apply to be janitor in GS. Night shift.
Watch too many movies again :D

u see ...

banks/bankers are moving out of london ...due to high tax ..into asian ...

so as far as job creation is concerned .. doesnt really benefit singaporeans that much ...

so yes ...they will need mail boy, boy friday , etc ...

[hopeful]

u see ...

banks/bankers are moving out of london ...due to high tax ..into asian ...

so as far as job creation is concerned .. doesnt really benefit singaporeans that much ...

so yes ...they will need mail boy, boy friday , etc ...

hows your guard duty while most of your colleagues on vacation?
anything interesting?

[devilplate]

u see ...

banks/bankers are moving out of london ...due to high tax ..into asian ...

so as far as job creation is concerned .. doesnt really benefit singaporeans that much ...

so yes ...they will need mail boy, boy friday , etc ...

yes....in Asia, we still need angmor bankers....ppl still look up angmor as Idols:banghead: :doh:

[chiaberry]

Goldman sach is good paymaster, so expect 180K + for any decent job..

You have to hand over your life to them. Work all hours to meet yr targets. Very little social or family life. I suppose if you're young and need vitamin M, then you may feel the sacrifice is worth it. But sometimes you may not realize it but you are sacrificing your health to work in this way. Over-stress in the prime years of your life could lead to major health problems later on.

[chiaberry]

u see ...

banks/bankers are moving out of london ...due to high tax ..into asian ...



This is true. Taxed their pants off. Income tax (highest tier 40%), inheritance tax (you know this is 40% in UK - imagine giving away 40% of the value of yr assets to the Govt), VAT (= GST) is a whopping 20% (and we complain about 7%).

[devilplate]

This is true. Taxed their pants off. Income tax (highest tier 40%), inheritance tax (you know this is 40% in UK - imagine giving away 40% of the value of yr assets to the Govt), VAT (= GST) is a whopping 20% (and we complain about 7%).

the best part is angmor become our Idols when they come to Asia:doh:

[proud owner]

This is true. Taxed their pants off. Income tax (highest tier 40%), inheritance tax (you know this is 40% in UK - imagine giving away 40% of the value of yr assets to the Govt), VAT (= GST) is a whopping 20% (and we complain about 7%).

40 % is not the reason for the move ...

for bankers' pay scale ..
USA is 45 %
Shanghai is 40-45 %
.
UK is moving towards 50 pct .. AND bonus is capped at GBP 25k .. anything above that willbe taxed 50% ..
tell me .. which banker wants to work there ?

so banks incorp their bonus into their basic .. some see 100 pct pay jump .. and getting indirect bonus for money they may not make ..

in the end ..banks are the losers .. so they scale down operations there ..

not that asia is attracting bankers ..but bankers are running away from london , which is the biggest financial centre ..

so should we still pay these bankers from UK high salaries ?
or should we up the local's pay ..and squeeze the Londoners ?? :tongue3:

[chiaberry]

40 % is not the reason for the move ...

for bankers' pay scale ..
USA is 45 %
Shanghai is 40-45 %
.
UK is moving towards 50 pct .. AND bonus is capped at GBP 25k .. anything above that willbe taxed 50% ..
tell me .. which banker wants to work there ?

so banks incorp their bonus into their basic .. some see 100 pct pay jump .. and getting indirect bonus for money they may not make ..

in the end ..banks are the losers .. so they scale down operations there ..

not that asia is attracting bankers ..but bankers are running away from london , which is the biggest financial centre ..

so should we still pay these bankers from UK high salaries ?
or should we up the local's pay ..and squeeze the Londoners ?? :tongue3:

Ah it's worse than I thought.

NO we should NOT pay them high salaries. They are already getting a much better deal in more ways than one by relocating here. I have a feeling their bosses might want to move over here too. Set up de facto HQ in Singapore. (maybe that's what our Govt is hoping/aiming for - good work Minister Tharman).

Anyway it's stupid to still be looking up to the Ang Mo. Who screwed up the financial system and got their banks into so much trouble? What is there to idolize?

We should SQUEEZE them. :hell-hath-no-fury:

[devilplate]

so should we still pay these bankers from UK high salaries ?
or should we up the local's pay ..and squeeze the Londoners ?? :tongue3:

for the next 5yrs at least, we will pay them high salary n treat them machiam like god.....

locals....can sux thumb only

[devilplate]

Anyway it's stupid to still be looking up to the Ang Mo. Who screwed up the financial system and got their banks into so much trouble? What is there to idolize?

We should SQUEEZE them. :hell-hath-no-fury:

haha....i nvr idol them but always treat them as 'slaves' to service my housing loan:D :cheers6:

[chiaberry]

for the next 5yrs at least, we will pay them high salary n treat them machiam like god.....

locals....can sux thumb only

Din u notice quite a number of high profile foreign talent in high places in local banks did not perform as expected.....no need to treat them like god. They are answerable to the shareholders and the board of directors as it should be.

[devilplate]

Din u notice quite a number of high profile foreign talent in high places in local banks did not perform as expected.....no need to treat them like god. They are answerable to the shareholders and the board of directors as it should be.

tats y i state a timeframe mah...after 5yrs, anything can reverse!

for the time being: they r still the experts in financial innovation.....they surely noe how to suxx commoner's hardearn $$$

fengshui luan lui chuan...pardon me for my hanyu

[chiaberry]

for the time being: they r still the experts in financial innovation.....they surely noe how to suxx commoner's hardearn $$$

fengshui luan lui chuan...pardon me for my hanyu

Ya they were so innovative that their structured products caused a massive financial crisis in the West. And some of our local people were caught in the after-math (mini-bonds). Indeed they know how to sux hard-earned $$$ very true. :D

They are still trying hard to crawl out of the hole. So should we let them crawl over here and help us innovate in the same way? :banghead:

[hopeful]

.........

so should we still pay these bankers from UK high salaries ?
or should we up the local's pay ..and squeeze the Londoners ?? :tongue3:

we should look from the angle of property owners and landlords.
my take is pay the bankers from UK high salaries so we can rent out high to them.

[mr funny]

http://www.businesstimes.com.sg/sub/news/story/0,4574,445230,00.html?

Published June 29, 2011

Goldman Sachs expanding in Singapore

By SIOW LI SEN


GOLDMAN Sachs, the leading US investment bank which is usually behind all the biggest deals, is expanding in Singapore.

The global leader in IPOs was also behind Singapore's blockbuster IPO earlier this year - the US$5.5 billion Hutchison Port Holdings Trust.

US-based Fox News, quoting unnamed sources, said on Monday that Goldman Sachs expects to hire 1,000 investment bankers in Singapore while planning to reduce its domestic staff in a bid to slash US$1 billion in costs over the next year to make up for falling revenues and profits.

When contacted by The Business Times, a spokeswoman said: '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.'

A source said that 'they're expanding in Singapore but the number mentioned by Fox is not correct'.

At the end of 2010, the firm had 35,700 employees globally with 19,900 in the US. Its biggest offices in Asia are Hong Kong and Japan.

The spokeswoman said that the Singapore office, which opened in 1989 and is the hub for South-east Asia, has 'several hundred employees'.

Goldman's key clients here include Temasek, Chartered Semiconductor, DBS Bank and Singapore Telecom.

The firm, like its international rivals, is expanding aggressively in Asia given that it's the fastest-growing region. Last year, net earnings from Asia made up 23 per cent of Goldman's total, up from 19 per cent in 2009.

Year to date, Goldman has topped the underwriter ranking table in Singapore with US$2.4 billion raised. It has 25.5 per cent of the market, relegating last year's leader DBS Bank to second spot. DBS raised US$2.1 billion for a 22.8 per cent market share.

Goldman together with DBS Bank and Deutsche Bank were the underwriters for Hutchison Port Holdings Trust.

Udhay Furtado, head of South-east Asia equity capital markets for Goldman, last week said that the region is a bright spot for IPOs despite the global uncertainty. It is doing much better than Hong Kong because of strong domestic consumption, he said.

Combined IPO monies raised in the South-east Asian markets so far have exceeded that of the global hot spot Hong Kong, data from Bloomberg shows.

Across Asia, Goldman is also the top investment bank.

According to Dealogic, Goldman was the leading equity capital market investment bank in Asia excluding Japan, with a value of US$9.1 billion. UBS fell from first to third place with US$4.8 billion, and Deutsche Bank, with US$5.06 billion, rose to second place.

Globally it is No 1, having helped raised US$27.8 billion so far this year. That's a 9.8 per cent market share, ahead of Bank of America Merrill Lynch's 8.8 per cent.

[sleek]

Goldman Sachs to lay off 230 employees (http://www.channelnewsasia.com/stories/afp_world_business/view/1138127/1/.html)
Posted: 30 June 2011 2008 hrs



NEW YORK : US investment banking giant Goldman Sachs will lay off around 230 employees for "economic" reasons, according to a notice submitted to the New York State Department of Labor.

The employees, who represent less than one percent of the company's 34,500 worldwide staff, will be dismissed between September 26, 2011 and March 31, 2012, according to a copy of the notice posted on the department's website.

New York state requires companies employing more than 50 salaried workers to notify authorities 90 days in advance of major layoffs.

Goldman referred to the action as a "plant layoff" in the notice.

The premier Wall Street bank, which became synonymous with the 2008 financial crisis and the target of outrage over lavish executive pay, has since pledged a new era of transparency and commitment to customers' interests.

As the US economy tanked that year, Goldman was widely blamed for pushing risky mortgage-based securities on clients and later profiting heavily by betting against those products.

- AFP