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Investment banking giant Goldman Sachs is to expand its operation in Singapore by adding extra office space.
The extra space will be able to accommodate 400 more staff. Approximately 600 people make up the Goldman operation in Singapore.
Currently the Goldman team is based in 1 Raffles Link, an office with approximately 50,000 square feet. The new office space is located at Mapletree Anson in Tanjong Pagar, and boasts approximately 40,000 square feet.
Goldman is expanding in the region but didn’t say how many new hires it would be taking on.
A spokesman for the bank said: “We continue to grow our business in Singapore and South-east Asia.”
The expansion comes on the heels of a poor second quarter report from the bank. As the economy struggles to recover Goldman and its contemporaries have struggled to earn the healthy profits they had before the crash.
On the back of the poor second quarter earnings the bank recently announced that it will cut approximately 1,000 jobs.
Chief Financial Officer David A. Viniar recently told analysts: “It looks like the environment’s going to be somewhat slower for the foreseeable future and so we decided it made sense at this point to cut some level of expenses to be more efficient.”
He added that the job cuts would affect both junior and senior level personnel, however that the bank’s expansion in countries such as Brazil, India and China would not be affected.
Lloyd Blankfein, CEO of Goldman Sachs, stated recently: “Certain of our businesses had disappointing results as we reduced our market risk in response to attempting to manage fluctuations in prices and market liquidity.”