BREAKING STORY: Goldman Sach’s to Relocate Major Operation Center in Elk Grove

April 1, 2010 | 

In role reversal, backroom operations come home; Elk Grove Promenade possible high-end campus

In a bid to bolster its bad boy Wall Street image on America’s main streets, Goldiman Sach’s just announced that it will close several overseas backroom operations and move them back to American soil.

Elk Grove is one of four American cities Goldiman has selected to house the new "in-sourced" operations. The Wall Street behemoth will close offices in India, Indonesia, Vietnam, and the Philippines citing inflated employee expectations over wages, working conditions, and health benefits.

Along with Elk Grove, the investment bank giant is opening operations centers in Flint, Mich., Youngstown, Ohio, H and Searchlight, Nev. 

The company cited Elk Grove’s favorable business environment, its ability to leverage a lien against a large bankrupt mall developer and its “pioneering spirit” as factors in the selection.

Elk Grove to be the biggest center; large sites in city already being scouted

The Elk Grove center will be the biggest of the four facilities employing up to 750 operations center workers. The firm is reportedly mulling a bid for the half-built Elk Grove Promenade to house its high-end campus-style facility.

Because of the early hour announcement, EGN was unable to reach city authorities or elected officials in Elk Grove for comment.

Although the announcement did not give an exact timetable, Goldiman said it hopes to have the center up and running in time to accommodate Elk Grove’s burgeoning green industry. Ironically it was exactly one year ago today that Elk Grove woke up to find out it had been selected as the home of highly anticipated headquarters for GreenTech Asset Systems, another company attracted to the city's "pioneer" spirit.

Good things do indeed happen in Elk Grove on this day.