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- Bloomberg reports that Goldman Sachs wants to expand operations in Salt Lake City.
- Goldman Sachs has over 3,000 employees in Utah, with longstanding ties since 2000.
SALT LAKE CITY — One of the world's largest investment banks is reportedly looking to bolster its Utah operations while stepping back from some of the historically biggest financial hubs in the world.
Bloomberg reported last week that Goldman Sachs has started pressuring managers to relocate to hubs like Salt Lake City and Dallas as part of an informal plan called "Project Voyage," while shifting away from its headquarters near Wall Street in New York City and other cities like London.
"The push aims to drive down costs and tap a pipeline of talent emerging in these regions," the outlet reported. "The firm is also seeking to build out more functions and roles in these growing offices whose rise has been fueled by junior-ranking employees, often in middle- and back-office functions."
Goldman Sachs CEO David Solomon appeared on CNBC's "Squawk Box" in January, explaining that clients are "focused on growth" in 2025. He said nothing about focusing more on its Utah market at the time.
"If we can run a more growth-oriented agenda; if we can do some things that free up capital investment — especially private sector investment — that is a good path for us," he said.
About 3,000 of the company's 45,000 employees are in Utah, the New York Post noted last year in a feature about how Solomon had become fixated on Salt Lake City.
The firm, which reported about $14.3 billion in net earnings at the end of 2024, has had ties to Utah for a quarter-century. It opened its first Utah hub near the University of Utah in 2000, focusing on providing "service and technology support" for a new website the company released at the time and expanding since, based on the company's dependence upon the website.
"The Salt Lake office quickly evolved to become a strategically important location for growing and supporting many areas of the firm on a global scale," the company noted on its website, adding that the office became the firm's fourth-largest global location by 2013.
The company also reports that it has partnered with others in the public and private sectors to commit over $950 million since 2009, spurring over 4,700 affordable housing units and 550,000 square feet of retail, industrial, commercial or community facility space in the state.
