Finance

Goldman Sachs to slash London presence resulting from Brexit:

Goldman Sachs to slash London presence resulting from Brexit: December 28, 2017Leave a comment
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FRANKFURT AM MAIN (Germany): US bank Goldman Sachs will move 1,000 staff from London to Frankfurt included in a post-Brexit reorganisation which will reduce its City headcount by half, German business daily Handelsblatt reported Thursday.

“The financial institution is weighing transferring approximately 1,000 employees to Frankfurt, including traders and also top bankers,” the paper reported, citing financial industry sources.

In total, Goldman Sachs will cut its headcount in the uk from 6,000 to approximately 3,000.

Goldman intentions to produce a listed company in Frankfurt as the parent of all of its European businesses, an individual familiar with the plans told Handelsblatt.

Frankfurt was the top part choice because that could be where European Central Bank – which supervises the greatest banks inside eurozone – is headquartered.

Other London-based posts will likely be gone after Ny, France, Spain and Poland.

British bank HSBC confirmed Wednesday that 1,000 of its investment banking jobs would depart London for Paris, after UK Prime Minister Theresa May announced that her country would depart the European common market.

Multinational banks using a European base within london risk losing the legal right to conduct business from the remaining 27 EU countries once Britain leaves, as UK-based financial firms may no longer be granted a “passport” to trade while in the bloc.

Cities along the EU, including Frankfurt, Paris and Dublin, happen to be jostling to get banks mulling moves outside of the Capital of scotland – London.

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