The Star Late Edition

Goldman Sachs moving its staff to Frankfurt

- Tino Andresen

GOLDMAN Sachs Group is shifting personnel away from London as formal negotiatio­ns on the UK’s exit from the EU begin today, according to the bank’s regional head, Richard Gnodde.

“We started to shift resources to Frankfurt and other European cities,” Gnodde told Frankfurte­r Allgemeine Zeitung. Goldman Sachs will “very probably” at least double staff numbers in the German city, where it currently employs 200, he said. Frankfurt has an advantage over rivals in Europe, including Paris and Dublin, because the European Central Bank is based in the city, Gnodde said.

Goldman Sachs is scouting for office space in Frankfurt that could serve as its new trading hub inside the EU and plans to take more space in the building it currently occupies to begin with, people familiar with the matter said earlier this month. New bases Britain’s decision to quit the EU has prompted global banks to establish new bases inside the economic bloc to secure continued access to clients in the region.

Goldman Sachs is considerin­g moving as many as 1 000 employees to Frankfurt, a person familiar with the plans said earlier this year, with London set to lose as many as 30 000 financial services jobs after Brexit, according to the Bruegel think tank.

It would be an advantage for the finance industry to concentrat­e on a few centres to attract the best talent and to guarantee economies of scale and efficiency, Gnodde said. – Bloomberg

 ??  ?? Richard Gnodde, co-chief executive of Goldman Sachs, is moving staff to Frankfurt.
Richard Gnodde, co-chief executive of Goldman Sachs, is moving staff to Frankfurt.

Newspapers in English

Newspapers from South Africa