At Goldman Sachs, Trump’s new economics advisor Gary Cohn outsourced thousands of US jobs to India

Goldman Sachs’ biggest office outside its New York City headquarters isn’t in the financial centers of London or Hong Kong—it is in the sprawling south Indian city of Bangalore, now officially called Bengaluru.

At the “Embassy Golf Links Business Park,” a neatly laid out campus with palm trees and fountains, nearly 6,000 Goldman Sachs employees do support and service work for the bank’s global operations, taking care of everything from banker payroll and IT to preliminary research for its analyst reports.

Goldman has grown sharply in India under Gary Cohn, the bank’s president who was tapped on Dec. 9 to be the director of the National Economic Council, one of president-elect Donald J. Trump’s top economic advisors. As president of the bank for the past decade, Cohn regularly touted the benefits of moving jobs from financial centers like New York to lower cost areas like Bengaluru or Singapore, as well as Salt Lake City and Dallas.

Goldman’s actions aren’t that unusual—since the early 2000s, US companies have moved several million white-collar jobs, from payroll to legal research to coding, to areas far from home, often in Eastern Europe and India. Surprisingly, as Trump makes punishing companies that send US jobs overseas a key focus of the new administration, the offshoring of service-sector jobs has been absent from the discussion...

https://qz.com/853075/goldman-sachs-and-other-wall-street-banks-moved-thousands-of-jobs-out-of-the-us-will-trump-go-after-them-too/