Goldman Sachs will double its Utah workforce over the next three years, to more than 700 employees.

The Governor's Office made the announcement today, after Gov. Jon Huntsman Jr. met with senior leadership of the company in New York.

The Governor's Office of Economic Development Board in November approved a $20 million incentive to entice Goldman Sachs to expand its operations in Salt Lake City. The incentive is in the form of a tax rebate over 20 years for the company to add up to 375 jobs paying more than $75,000 annually, which is more than twice the Salt Lake County median salary of $32,828.

The tax rebate approved in November will be used to offset building costs for the build-out of 15,500 square feet at the company's existing 80,000-square-foot space in Research Park.

Goldman would continue to finish a five-year, $400,000 Industrial Assistance Fund grant that the firm received from Utah in 2001.

The company has 350 workers at its Research Park office. That facility opened in 2000, with the goal of creating a service center for the company's clients. The site was designed to accommodate up to 450 workers, mostly registered representatives servicing clients' investment needs.

In 2001, the company made the office into an operations hub for its existing business, moving functions from offices in New York, London, Zurich and Hong Kong to Salt Lake. Goldman Sachs Bank USA, the firm's industrial loan bank, is headquartered in Research Park.

GOED board documents in November indicated that the expansion would mean increased state revenues of $25.4 million over 10 years and $81.8 million over 20 years. New state wages were estimated at $310.5 million over 10 years and $886.7 million over 20 years. The capital investment would be $20.2 million. Salt Lake City offered low-interest loans of up to $1 million.

Goldman Sachs provides banking, securities and investment management services in more than 25 countries.


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