Friday 28 July 2017

Goldman Sachs and Morgan Stanley scout Frankfurt offices for potential post-Brexit trading hub

Photo: Bloomberg
Photo: Bloomberg

Gavin Finch, Angela Cullen, Steven Arons

It is understood that Goldman Sachs is on the look out for office space in Frankfurt which could serve as its post-Brexit European hub.

According to sources Goldman Sachs has yet to sign new leases and is planning on taking more office space in the building that it currently occupies in Frankfurt.

Meanwhile Morgan Stanley is also believed to be sourcing office space in the European financial capital, according to two people with knowledge of the situation. The two people asked not to be named.

The US bank is believed to be considering sending 300 staff to either Frankfurt or Dublin initially as a consequence of the UK’s decision last year to leave the UK, according to sources in February this year.

While Bloomberg news reported last year that it could move as many as 1,000 employees from the UK.

A spokesperson for the bank declined to comment.

The UK’s decision to leave the EU has resulted in a number of large banks establishing new bases around Europe to guarantee continued access to clients in the EU.

It is understood that Goldman Sachs is considering relocating as many as 1,000 employees to Frankfurt, a person familiar to the situation said earlier in the year, with London set to lose as many as 30,000 financial services jobs following the UK’s exit of the EU, according to the Bruegel think tank.

In April this year, Goldman Sachs vice chairman of international business said that the company had plans to start moving client-facing staff to various EU cities next year.

Bloomberg

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