Brexit: Goldman Sachs will move Jobs from the City to Europe

Goldman Sachs will move jobs from the City to Europe with Brexit

The US bank Goldman Sachs said on Tuesday they would move within 18 months, London jobs to the European continent, because of the risks of Brexit.

“We will be hiring people in Europe and they will travel” , explained Richard Gnodde, general manager of the Bank for International, interviewed on CNBC in London.

“We set up emergency plans, it’s hundreds of people” , referring to the planned increase of staff in continental Europe, he said.

He added that these movements and hires outside the UK would take place over the next 18 months, that is to say before the end of the exit will open negotiations between London and Brussels on March 29 .

All the major international banks operating in the UK are forced to think about the future of some of their activities in the country, given the major uncertainties resulting from the Brexit.

Several banks are considering starting

The government has promised including the release of the single market, which should result in the loss of financial passport that allows a bank to offer its services throughout the EU by being established in the United Kingdom.

Several institutions have already mentioned travel of staff, like the British HSBC, Swiss UBS and the US bank JPMorgan.

The leader of Goldam Sachs said his bank, which employs about 6,000 people in the UK, addressed the Brexit having “a significant European presence” , with banking licenses in Germany and France, as well as offices of other capitals of the continent.

He said he plans to increase the number and size of European offices over the next 18 months.

“Our requirements and our obligation is that at the end of the process (Brexit), we conduct our business for our customers without any complications” , he said.

Stating that all would depend on the negotiations Brexit, which should be officially launched by the UK next week, M. Gnodde said that “whatever the scenario, regardless of the result, London will remain for us a center important regional and global “ .

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