Goldman Sachs is urging some employees to relocate from major financial hubs like New York and London to lower-cost cities such as Dallas and Salt Lake City. According to ThinkAdvisor, the internal initiative, informally referred to as "Project Voyage," reflects the firm's broader strategy to reduce expenses while expanding its workforce in emerging financial centers.

Dallas has already become one of Goldman's largest hubs, while staffing at its New York headquarters has plateaued. The firm also is growing its presence in cities such as Birmingham (UK), Warsaw, and Bengaluru, India, which now hosts a significant share of Goldman's global workforce.

For many employees, the relocation mandate feels more like an ultimatum than a choice, as reported by ThinkAdvisor. While junior employees have long staffed Goldman's regional offices, the firm now seeks to move more senior managers — vice presidents, managing directors, and even partners — to oversee operations in these locations.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.