Goldman expands workforce outside big cities

Goldman Sachs has expanded its workforce outside New York and San Francisco mainly to cut costs. Its office in Irving, Texas, also aims to boost revenue.

Bloomberg News reports that the office, among the firm’s largest in the nation with about 650 employees, will host the investment bank’s annual shareholders meeting today with Texas Governor Rick Perry giving a speech. In addition to typical back-office functions such as accounting and information security, the location houses a commercial real estate lending group and is the headquarters for the realty-management division.

That group is the descendant of a joint venture named Archon that Goldman Sachs set up in 1991 with J.E. Robert Cos. to buy distressed assets from the Resolution Trust Corp. after the savings and loan crisis. The division, led by partner Tom Dowling, now sources deals and manages real estate investments for the bank’s special situations group and property funds.

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