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Here's something we haven't seen in a while: a financial firm looking to hire people to fill positions that don't involve repossessing houses.The Financial Times reports that Goldman Sachs (NYSE: GS) "will hire up to 200 staff across all regions in an attempt to establish a dominant position as one of the world's leading asset managers. In 2007 Goldman was ranked 17th in the world in terms of assets under management."
Of course, up to 200 new hires isn't exactly going to drive up employment numbers -- nor is it even especially significant for a company of Goldman's size. Two hundred fresh faces would represent an increase in Goldman's head count of 0.68%. The fact that this is news is actually indicative of just how horrible the job market in the financial services industry is right now.
It is news in the sense that it suggests that Goldman may be looking to reduce its risk over the long-term by beefing up its asset management business to give the company more stable, predictable results.
Goldman has been criticized in some quarters for existing as little more than a glorified hedge fund, making big bets with its own assets and using those profits to overwhelm the results reported by its other operating businesses.
Goldman has been criticized in some quarters for existing as little more than a glorified hedge fund, making big bets with its own assets and using those profits to overwhelm the results reported by its other operating businesses.
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