Glowmen Sachs?

Speaking of Japan’s nuclear crisis this morning, it’s being reported that Japanese-based employees of global investment banking and securities firm Goldman Sachs have been told to stay put- or else they risk losing their jobs. From CNBC.com Senior Editor John Carney on the CNBC website yesterday:

At least four Goldman Sachs executives flew into Japan last week to speak with nervous ex-pat employees about radiation fears, according to a person familiar with the situation. They also conveyed another message: don’t leave Japan and don’t leave Tokyo.

Employees at the investment bank’s Japan offices are worried about radiation levels affecting their families, the person said. Many were asking if they could temporarily relocate out of the country or perhaps move to a location in southern Japan, farther away from troubled nuclear power plants. They were told that they should not leave Tokyo, according to the person.

Several meetings were held last week between senior Goldman executives and Tokyo-based employees. At least one meeting was held in a large conference room on one of the five floors of the Mori Tower in Tokyo, which houses Goldman’s offices in Japan. Senior executives attending the meeting included Michael Evans, the firm’s head of emerging markets and Asia chairman, and Ed Forst, the co-head of Goldman’s investment management division. Lloyd Blankfein was testifying in the insider-trading case against Raj Rajaratnam last week.

“The message was clear: no one is to leave. If you do leave, you can’t come back and expect to still work for Goldman,” the person said.

Carney added that according to another person at Goldman Sachs’ Tokyo offices, most employees have opted to stay.

Source:

Carney, John. “Goldman Sachs Employees Told Not to Leave Japan.” CNBC.com. 28 Mar. 2011. (http://www.cnbc.com/id/42304574). 29 Mar. 2011.

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2 Comments to Glowmen Sachs?

  1. I think unemployment in Japan is less than 5%. However, in any kind of economy, it’s hard for the employees to move away from their jobs. In any case, the decision must be voluntary and not imposed upon. If employees don’t have their health, what good can it be for their employer.

  2. Doable Finance on March 29th, 2011
  3. Thanks for the comment Doable Finance

  4. Editor on March 29th, 2011
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