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    Goldman Sachs to begin first phase of its Brexit contingency plan

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    Goldman Sachs, the Wall Street Investment Bank, is to begin moving bankers from London to other financial centres in Europe as it executes the first phase of its Brexit contingency plan. The Bank expects to move staff out of London and hire new employees on the continent in the “hundreds” in the months leading up Britain’s withdrawal from the EU. Goldman Sachs, which employs 6,000 people in the UK, is the first large American bank to announce publicly that it will push ahead with its proposals, although other banks such as Morgan Stanley and Bank of America have drawn up contingency plans to move their workforce in the future. Banks based in the UK will no longer be able to take advantage of EU “passporting” rules that allow them to sell their services freely across the union once the UK has left the single market. Mr. Gnodde, Chief Executive of Goldman Sachs International, said – “We obviously start with a significant European footprint already. We are licensed in Germany and France. We have got offices in those cities and in many other capital cities around Europe. Over the next 18 months or so, we are going to upgrade those facilities. We will be taking extra space in a number of them and we will be increasing our headcount. We will hire people inside of Europe itself and there will be some movement [out of London]. For this first period, this is in the hundreds of people as opposed to anything much greater. But this is all in the context of contingency planning. What our eventual footprint will look like will depend on the outcome of those negotiations and what we are obliged to do because of them.”

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