'We started to shift resources to Frankfurt and other European cities'.
Bloomberg News reports that Goldman Sachs is shifting personnel away from London as formal negotiations on the U.K.’s exit from the European Union are scheduled to begin Monday, 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 in an interview. 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 European Union and plans to take more space in the building it currently occupies to begin with, people familiar with the matter said earlier this month.
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