Goldman Sachs will double its Utah work force during the next three years, to more than 700 employees.

The governor's office made the announcement Tuesday after Gov. Jon Huntsman Jr. met with senior leadership of the company in New York.

"Utah is an important part of our strategy, and we are very pleased with the business opportunity and the caliber of the local work force," Jeff Schroeder, Goldman Sachs chief administrative officer, said in a prepared statement.

The company has 350 workers at its University of Utah 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.

The new jobs will include support for institutional asset management, derivatives, Goldman Sachs Bank USA and securities sales and trading.

Huntsman, in a prepared statement, said Goldman Sachs joins Procter & Gamble, ATK and Amer Sports among companies that have headquarters or major new facilities planned for Utah.

"Utah's competitive tax structure, highly skilled work force and unparalleled quality of life provide a premier foundation for success," Huntsman said.

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 its existing 80,000-square-foot space.

Goldman would continue to finish a $400,000 Industrial Assistance Fund grant it received from Utah in 2001.

The development board and the Economic Development Corp. of Utah worked with site consultant KLG Consulting of New York on the project. Initial work began more than two years ago.

Board documents in November indicated that the expansion would mean increased state revenues of $25.4 million over 10 years and $81.8 million in 20 years. New 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 investment banking, securities and investment management services in more than 25 countries. The company, founded in 1869, is based in New York.


E-mail: bwallace@desnews.com