Goldman Sachs to slash London presence due to Brexit

US bank Goldman Sachs will move 1,000 staff from London to Frankfurt as part of a post-Brexit reorganisation that will reduce its City headcount by half, German business daily Handelsblatt reported today (19 January).

“The bank is weighing transferring up to 1,000 employees to Frankfurt, including traders as well as top bankers,” the paper reported, citing financial industry sources.

UK banks to lose EU 'passport' post-Brexit, warns ECB boss

Financial institutions based in Britain will lose so-called passporting rights allowing them to operate across the European Union unless post-Brexit Britain is at least part of the European Economic Area, ECB policymaker Jens Weidmann has said.

In total, Goldman Sachs will cut its headcount in London from 6,000 to around 3,000.

Goldman plans to create a listed company in Frankfurt as the parent of all of its European businesses, a person familiar with the plans told Handelsblatt.

Frankfurt woos London banks after Brexit vote

A German politician said on Thursday (18 August) he was trying to persuade foreign banks to make Frankfurt their home after Britain’s vote to leave the European Union, and outlined how Europe’s biggest economy wants to bolster its financial capital at London’s expense.

Frankfurt was the top choice because that is where the European Central Bank – which supervises the largest banks in the eurozone – is headquartered.

Other London-based posts will be moved to New York, France, Spain and Poland.

British bank HSBC confirmed on Wednesday (18 January) that 1,000 of its investment banking jobs would leave London for Paris, after UK Prime Minister Theresa May announced that her country would leave the European single market.

Multinational banks with a European base in London risk losing the right to do business in the remaining 27 EU countries once Britain has left, as UK-based financial firms may no longer be granted a “passport” to trade within the bloc.

5,500 UK-based finance firms could lose EU 'passporting' rights

The ‘passport’ rights allowing 5,500 British-based financial firms to operate freely across the European single market are at stake in the fallout from Brexit, posing a ‘significant’ risk to the finance sector, the country’s financial watchdog has revealed.

Cities across the EU, including Frankfurt, Paris and Dublin have been jostling to attract banks mulling moves away from the City of London.

Ireland bids to host EU bank regulator after Brexit

Ireland will bid to host the European Union’s banking regulator when it is forced to leave London after Britain leaves the bloc, the Irish department of finance announced yesterday (25 October).

72% of UK bankers think London will keep 'financial centre status' post-Brexit

Almost three-quarters of British bankers believe London will still be the financial centre of Europe in five years' time, despite risks surrounding Brexit, according to a study published Wednesday (2 November).

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