Goldman Sachs has launched a cost-cutting initiative called 'Project Voyage,' which entails relocating specific managers from high-cost areas like New York City to more affordable regions such as Salt Lake City and Dallas. This shift aims to build talent pipelines in these expanding markets while alleviating the burden of expensive commercial office spaces in Manhattan. The initiative is expected to cut around 3-5% of the workforce and target roles that can thrive in less expensive locales, ultimately benefitting employees with higher purchasing power due to lower living costs.
Goldman Sachs' Project Voyage aims to relocate managers from high-cost areas like New York to emerging markets such as Salt Lake City and Dallas, promoting talent growth.
With Manhattan office rents around $80 per square foot versus $26 in Dallas and Salt Lake City, the bank seeks to reduce costs significantly while increasing its workforce.
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