Not suprising for this to happen. Looking around, one can see more office space being needed to support COOs and bureaucrats across the organization, even more so in business than in IT/Back Office. We producers like to joke about the layers being added in and recent mergers with other entities always results in narrower or overlapping job definitions.
One Taiwanese bank where I knew people, sold off one of their main entities. Instead of saying goodbye, they promptly brought a large number of people over before the merger completed and then cut everyone’s responsibility in half. Even GS is bloated in spots with too many managers.
On the bottom, there are always enough idiots who manage to survive the first few years, but once the knives come out, they are really exposed.
GS also declared that they are moving a number of business people from NY to Singapore (they were not the first to see the value of the fascist corporate state with low taxes). As the UK and the US continue to flounder, expect to see more pushing to move people out to Bombay, Singapore and Shanghai.
Governments need corporations, Corporations do not need governments.
it the early 20th perhaps it was so, but no longer.
Obama and his comunists will “fair share” the most menial jobs overseas.