Goldman Sachs Plans To Hire 1,000 In Singapore While Cutting U.S. Jobs

Goldman Sachs, the country's fifth-largest bank by assets, plans to hire 1,000 people in Singapore while laying off a significant number of workers at home, according to Fox Business News.

What's more, the investment bank plans on making the decision known to Congress even before telling its own shareholders, fearful of backlash. The jobs are “high-paying, skilled positions in sales and investment banking," according to one person familiar with the matter. Or, in other words, the Singapore hires will be filling the same sort of positions that are being cut in the United States.

News of hiring in Singapore comes at the same time the company has announced plans to cut costs and, more specifically, jobs. Over the coming year, Goldman Sachs plans to cut 10 percent of non-compensation expenses, or $1 billion in costs. The investment bank already laid off five percent of its traders in March and plans to lay off the most underperforming five percent of its staff later this year, according to Reuters.