SPECIAL REPORT-Goldman's promised land: Salt Lake City

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http://af.reuters.com/article/commoditiesNews/idAFL2E8E2E4H20120309?sp=true

Fri Mar 9, 2012 3:35pm GMT

* Salt Lake City becomes a major global hub

* Goldman lured by tax incentives and cheap labor

* Some New York workers encouraged to move out west

* Goldman finds a warm embrace in Mormon country

By Lauren Tara LaCapra and Katya Wachtel

SALT LAKE CITY, March 9 (Reuters) - Some 2,000 miles away from the hustle and bustle of Wall Street, Goldman Sachs Group Inc has found an unlikely second home: Mormon country.

Low taxes and a cheap but well-educated workforce persuaded Goldman to go on a hiring binge in Salt Lake City. The bank now employs 1,300 people here -- putting Utah's capital city on a path to become Goldman's fourth-largest global operation, behind only New York, New Jersey and London.

At a time when the Wall Street firm has cut thousands of jobs elsewhere , Goldman plans to grow in Salt Lake City. Already, Salt Lake City accounts for just under 4 percent of the global investment bank's total headcount, double the staff it had in Salt Lake City only two years ago, and that figure continues to climb . Continued...

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1. It was only a matter of time

[EmeraldCityGrl]

2. My experience with the Mormon community

has always given me the impression they are a finely tuned corporation
taking advantage of the tax exempt status afforded only to churches.

Many Mormon businesses and individuals choose to do business exclusively
with other Mormon companies. I often wonder if Romney were elected
how that would impact the appointments he'd make including those on the
SCOTUS. Also wonder throughout Romney's career if his hiring practices and
business partnerships were skewed towards working with those of the same
faith as his or proportional to the to what you would expect in the general
marketplace.