NEW YORK Nov 12 Goldman Sachs Group Inc
can cut pay dramatically and maintain staff when times are tough
because it pays so well in good times, Chief Executive Lloyd
Blankfein said on Tuesday.
"Our people know the contract goes both ways," Blankfein
said at a Bank of America-Merrill Lynch financial services
conference in New York.
The bank has moved more of its staff to low-cost locations
like Bangalore, India; Salt Lake City and Dallas, where 25
percent of its staffers are now located, compared with 10
percent in 2007.
Blankfein also said that Wall Street's relationship with
regulators and lawmakers has improved dramatically over the past
five years. Rulemakers have been "quite receptive" to the
industry's comments about upcoming laws such as the Volcker
rule, he said.