Goldman Sachs plans to move hundreds of employees out of its London offices before any Brexit deal is agreed. This is part of its contingency plans for Britain leaving the EU, said Richard Gnodde, the CEO of Goldman Sachs International. Goldman is not the only financial firm to undertake such steps. Following Brexit and Theresa May’s plans to trigger Article 50, British banks warned that they will relocate staff to other EU cities in order to continue to operate within the single market. More details emerged after May confirmed that Britain will leave the market. This put an end to banks’ hopes that they might retain rights to sell services across the EU from their London headquarters.
Gnodde confirmed that Goldman Sachs is going to execute its contingency plans in the near future. Although the bulk of the bank’s European operations are in Britain, it plans to start hiring people in other European countries and also move some current employees out of London. Gnodde did not explicitly state which cities will benefit from its services, but confirmed that the firm had banking licenses in France and Germany. The CEO also said that Goldman Sachs will invest in improving its infrastructure and technology over the next 18 months. This will prepare it for when Britain leaves the EU and will ensure that operations to service clients are up and running.