Today is the day of the Goldman Sachs annual general meeting in Salt Lake City. This is the first time the bank has held its AGM in Utah, some 2,000 miles from Wall Street, and it may not be the last. Together with Dallas, Bangalore and Singapore, Salt Lake City has been identified as one of the growth areas for Goldman, which now reportedly employs 2,000 people there – up 700 on figures reported last year.
In an interview with Bloomberg TV today, Lloyd Blankfein said Goldman employs staff across various functions in Salt Lake City, including legal and research. However, while headcount is likely to continue increasing in the desert center, Blankfein said it is unlikely that Goldman will ever open a trading floor in Utah.
Trading floors tend to be “aggregated in particular time zones” said Blankfein. With a trading floor come a variety of other functions like operations and technology, said Blankfein. As a result, trading floors tend to be situated in hub markets – like New York or London.
Even as Goldman’s Salt Lake City operation grows, the firm’s New York traders are unlikely to be called upon to move to Utah.