Goldman Sachs set to move more UK staff to Germany post-Brexit
Goldman Sachs Group has secured more office space in Frankfurt as it prepares for life after Brexit.
The bank currently employs 6,500 workers in the United Kingdom but is now strengthening its foothold in the continent's leading economy so to be ready for when Britain exits the European Union.
It has agreed a deal to lease 10,000m sq. of space in Frankfurt's Marienturm tower, a large-scale construction project that is set to be completed by 2019.
- October's issue of the Business Review Europe magazine - OUT NOW!
- European workers lack skills for the technology revolution, says Ricoh Europe survey
- Tesco enjoys strong second quarter as sales rise to £25.2bn
The news comes after Wolfgang Fink, co-chief of the group's German arm, said in September that he expects the bank to quadruple its presence in the country.
"This expanded office space will allow us to grow our operations in Germany to continue serving our clients, as well as provide us with the space to execute on our Brexit contingency plan as needed,” said a spokesman.
Lloyd Blankfein, the bank's Chief Executive, did say earlier this year, however, that he still expects London to be its main European base in a decade's time.
- DHL: UK SME Exporters Divided on Post-Brexit OutlookLeadership & Strategy
- PwC: Life beyond BrexitLeadership & Strategy
- Mining On Top: Africa Summit- Focusing on a new era of sustainability and investing in Africa’s mining industryLeadership & Strategy
- Brexit is contributing to the growth of Silicon EuropeTechnology