Goldman Sachs' 'troubling' outsourcing plan

After taking a massive bailout from American taxpayers, Goldman Sachs plans to fire 1,000 U.S. workers and replace them with staffers in Singapore

The country's fifth-largest investment bank is laying off a significant number of high-paying, skilled positions and outsourcing the jobs to Singapore.
(Image credit: JUSTIN LANE/epa/Corbis)

OK, this wouldn't be the first time a big U.S. company has fired workers at home to outsource their jobs to Asia. But this time the company is the highly profitable banking giant Goldman Sachs, and the 1,000 (or more) to-be-outsourced jobs are "high-paying, skilled positions in sales and investment banking," rather than, say, call center or assembly-line jobs. Goldman has reportedly begun sharing its Singapore outsourcing plans with Congress (even before alerting its shareholders) to avoid a messy political "fallout." Should we be outraged that Wall Street's "giant vampire squid" is outsourcing premium jobs?

This is offensive... and not surprising: It's insulting that Goldman is killing 1,000 high-skilled, high-paying U.S. jobs just three years after U.S. taxpayers gave it a $10 billion bailout, says Scott Keyes at ThinkProgress. But it's hardly surprising: Big corporations have shipped more than 2.4 million U.S. jobs overseas in the past decade. Still, Goldman's firing spree must be "particularly troubling" for those who think outsourcing just affects low-skilled jobs the U.S. doesn't need anymore.

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