Goldman Sachs chief executive drops hint about banking giant’s post- Brexit move to Frankfurt
The chief executive of Goldman Sachs has cast further doubt over the banking giant’s future in London after Brexit in a provocative tweet that is likely to pile further pressure on the government.
Lloyd Blankfein took to Twitter yesterday to detail 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 p eo - ple 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. Earlier this month it was reported that the group has signed a contract to lease eight floors of a skyscraper in the city, capable of holding 800 staff.
The bank has said it is also looking at bolstering its footprint in other financial hubs across the EU.
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 in hopes of safeguarding against the loss of pass porting rights which currently give UK-based financial services cross-border access to the bloc. Frankfurt has emerged as the biggest beneficiary of Brexit so far as London- based financial firms increasingly opt to relocate staff to Germany’s financial centre.
Standard Chartered has committed to expanding or establishing officesin Ger - many, Citigroup has notified its bankers of plans to bolster its Frankfurt office, creating 150 jobs, and Morgan Stanley is on track to move as many as 200 staff.
Mizuhow ill join a ra ft of Japanese banks which have chosen the city as an EU hub, including Daiwa, Sumi tomo Mitsui Financial Group ( SMFG) and Nomura.