Gold­man Sachs boss raises new con­cerns over post-Brexit UK

Irish Independent - - Business - Ka­ly­eena Mako­rtoff

THE chief ex­ec­u­tive of Gold­man Sachs has raised con­cerns that the US bank­ing gi­ant may not be able to fill its new Euro­pean head­quar­ters in Lon­don due to Brexit.

Lloyd Blank­fein took to Twit­ter yes­ter­day, post­ing a birds-eye photo of the un­der-con­struc­tion head­quar­ters that is set to open in 2019, as he ex­pressed wor­ries over con­tin­ued un­cer­tainty.

He tweeted: “In Lon­don. GS still in­vest­ing in our big new Euro head­quar­ters here. Ex­pect­ing/hop­ing to fill it up, but so much out­side our con­trol. #Brexit”

The new of­fice – which is be­ing built just off Far­ring­don Street and near its Peter­bor­ough Court head­quar­ters – is ex­pected to be around nine storeys high when it is ready to house staff in two years’ time.

How­ever, it is un­der­stood that Gold­man has kept the op­tion of let­ting out re­main­ing space to other ten­ants, depend­ing on how much square footage it needs for its lo­cal work­force.

It is the sec­ond time this month that Mr Blank­fein has aired his Brexit views on the so­cial me­dia site.

On Oc­to­ber 19, he de­tailed a re­cent trip to Frank­furt, where the US bank is plan­ning to shift a por­tion of its UK op­er­a­tions af­ter Brexit. He said: “Just left Frank­furt. Great meet­ings, great weather, re­ally en­joyed it. Good, be­cause I’ll be spend­ing a lot more time there.”

Gold­man Sachs, which em­ploys around 6,500 peo­ple in the UK, has pre­vi­ously con­firmed that it is look­ing to at least dou­ble its 200-strong em­ployee base in Frank­furt as part of its Brexit con­tin­gency plans.

A raft of in­ter­na­tional banks, in­sur­ers and as­set man­agers are pre­par­ing to shift por­tions of their UK op­er­a­tions to the Con­ti­nent in prepa­ra­tion for Bri­tain’s di­vorce from the EU.

Many have turned to Dublin, while oth­ers have reached out to the likes of Paris and Lux­em­bourg. But Frank­furt has emerged as one of the big­gest ben­e­fi­cia­ries of Brexit so far as Lon­don-based fi­nan­cial firms in­creas­ingly opt to re­lo­cate staff to Ger­many’s fi­nan­cial cen­tre.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.