UBS shifts assets, Goldman promotes

Goldman Crowned

The impact of Brexit on London’s financial sector came into stark relief as a judge approved plans by a UBS unit to shift some of its U.K. business - involving assets valued at more than $36.5bn to Germany.

Bloomberg News reports that the bank’s plans are a response to the “external shock” of Britain’s exit from the European Union, not designed for “commercial advantage” or based on any “internal rationalization,” said Judge Alastair Norris in London, who approved the proposal Tuesday.

The bank’s equity trading venue is staying in London, even as rivals accelerate plans to shift trading elsewhere in Europe.

UBS Clear to Move $36.5 Billion of Assets to Germany Over Brexit

In the meantime, Bloomberg also reports that Goldman Sachs has elevated Nick Giovanni to co-head of its global technology, media and telecom group as the bank focuses on serving global tech companies.

Giovanni will join Pete Lyon to oversee the division, according to a memo reviewed by Bloomberg. Giovanni currently serves as the co-head of the bank’s global technology investment banking division and chief operating officer of the bank’s global technology, media and telecom group.

Goldman Sachs Names Giovanni as Co-Head of Global TMT Group

 

 

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