Goldman Sachs plans to close a branch in Geneva to streamline operations, according to a person briefed on the situation.
Bloomberg News reports that the firm has entered talks with the 18 employees at the office, most of whom work in private banking, said the person, who asked not to be identified as the move isn’t public. Most of the workers will be offered new roles at the firm’s branch in Zurich or elsewhere, the person said.
In the meantime, Bloomberg also reports that David Herro, chief investment officer of Harris Associates, said he prefers shares of BNP Paribas over Deutsche Bank.
“I have better quality banks at lower prices” than Deutsche Bank, Herro said Monday in an interview with Tom Keene on Bloomberg Radio. “We also own Intesa Sanpaolo and Lloyds Bank and these are commercial banks that have good business models, strong visible capital positions. Deutsche Bank may have that but it’s harder for us to ascertain.”