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Goldman moves Spanish dealmaker to Madrid ahead of Brexit - sources

Reuters  |  LONDON/MADRID 

By Barbaglia and Andres González

LONDON/(Reuters) - is moving one of its senior London-based dealmakers to as part of a plan to strengthen its European network ahead of Brexit, sources familiar with the matter said.

Jorge Alcover, a 43-year old from Catalonia, is in the process of relocating to after serving the Wall Street for more than a decade out of its office in Fleet Street, the sources said.

Alcover heads Goldman's debt capital markets operations for and and he is also in charge of corporate and public sector derivatives in the region.

He moved up through the ranks by arranging some of Iberia's biggest government and corporate loans while being based in Britain and was named in 2010.

A for confirmed that Alcover will move to in April but said the decision was not related to Brexit.

"We have a global strategy to grow and expand our footprint by getting closer to our clients," the said.

"This really has nothing to do with Brexit as you can see with what we're doing in our regional approach in the U.S.," he said pointing to cities like and where the has moved its client-facing financing teams closer to the companies they advise.

Goldman has about 15 investment bankers in Madrid, the sources said, and may see more Spanish nationals, currently employed in junior roles, shifting to the local office in the coming months.

"Having senior bankers based in or is really important to lure back young talents," one of the sources said. "They would no longer perceived it as a demotion if they see senior staff moving out of "

Alcover will work closely with three other managing directors in Spain, namely - who also co-heads the division in - Juan de Dios Gómez-Villalba and

Goldman has so far kept most of its European bankers on its British payroll but it is starting to shift some EU nationals to their home countries or to other financial hubs like to better serve its EU clients after Brexit, the sources said.

Such moves mark a shift away from a business model that allowed banks to streamline operations and costs by covering European markets out of Britain.

The sources said Goldman decided to accelerate its plans to decentralise its London-centric operations after British ruled out retaining passporting rights for

The loss of passporting rights - which currently enable to offer financial, advisory and trading services to corporate clients across all EU states via just one local licence - is a key concern for such as Goldman.

Goldman has recently put more than a dozen UK-based banking, sales and trading staff on notice to move to within weeks. Swiss and Britain's have also braced for similar job moves.

Last year, Goldman's of decided to relocate to alongside a handful of Italian bankers. The signed a lease for a new office in Milan, near the cathedral, for more than 100 people, increasing its local headcount almost six-fold.

(Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 01:09 IST