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Goldman to move hundreds of staff from London pre-Brexit - Europe CEO

Reuters  |  LONDON 

By Anjuli Davies

(Reuters) - will begin moving hundreds of people out of before any Brexit deal is struck as part of its contingency plans for leaving the European Union, the firm's CEO said.

"We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of International, the European arm of the bank, told CNBC on Tuesday.

"For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.

British Prime Minister Theresa May will trigger divorce proceedings on March 29, launching two years of negotiations that will shape the future of and

Leading financial firms warned for months before last year's June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.

More details are emerging after May confirmed would leave the European single market, ending banks' hopes they might retain "passporting" rights that let them sell services across the from their hubs.

The bulk of Goldman's European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across

Gnodde said that the big question for contingency planning is whether and the will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period.

"We can't bank on them so we have to have contingency plans and that's what are going to start to execute on."

Initially, the bank will start hiring people inside and also moving some people out of as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time leaves the EU, said Gnodde.

He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities.

"In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities."

"What our eventual footprint will look like depends on the outcome of negotiations and what we're obliged to do because of them. Whatever the scenario, whatever the outcome, will remain for us a very significant regional hub and a very significant global hub," he added.

(Editing by Alexander Smith)

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

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Goldman to move hundreds of staff from London pre-Brexit - Europe CEO

LONDON (Reuters) - Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm's Europe CEO said.

By Anjuli Davies

(Reuters) - will begin moving hundreds of people out of before any Brexit deal is struck as part of its contingency plans for leaving the European Union, the firm's CEO said.

"We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of International, the European arm of the bank, told CNBC on Tuesday.

"For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.

British Prime Minister Theresa May will trigger divorce proceedings on March 29, launching two years of negotiations that will shape the future of and

Leading financial firms warned for months before last year's June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.

More details are emerging after May confirmed would leave the European single market, ending banks' hopes they might retain "passporting" rights that let them sell services across the from their hubs.

The bulk of Goldman's European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across

Gnodde said that the big question for contingency planning is whether and the will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period.

"We can't bank on them so we have to have contingency plans and that's what are going to start to execute on."

Initially, the bank will start hiring people inside and also moving some people out of as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time leaves the EU, said Gnodde.

He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities.

"In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities."

"What our eventual footprint will look like depends on the outcome of negotiations and what we're obliged to do because of them. Whatever the scenario, whatever the outcome, will remain for us a very significant regional hub and a very significant global hub," he added.

(Editing by Alexander Smith)

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

image
Business Standard
177 22

Goldman to move hundreds of staff from London pre-Brexit - Europe CEO

By Anjuli Davies

(Reuters) - will begin moving hundreds of people out of before any Brexit deal is struck as part of its contingency plans for leaving the European Union, the firm's CEO said.

"We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of International, the European arm of the bank, told CNBC on Tuesday.

"For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.

British Prime Minister Theresa May will trigger divorce proceedings on March 29, launching two years of negotiations that will shape the future of and

Leading financial firms warned for months before last year's June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.

More details are emerging after May confirmed would leave the European single market, ending banks' hopes they might retain "passporting" rights that let them sell services across the from their hubs.

The bulk of Goldman's European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across

Gnodde said that the big question for contingency planning is whether and the will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period.

"We can't bank on them so we have to have contingency plans and that's what are going to start to execute on."

Initially, the bank will start hiring people inside and also moving some people out of as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time leaves the EU, said Gnodde.

He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities.

"In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities."

"What our eventual footprint will look like depends on the outcome of negotiations and what we're obliged to do because of them. Whatever the scenario, whatever the outcome, will remain for us a very significant regional hub and a very significant global hub," he added.

(Editing by Alexander Smith)

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

image
Business Standard
177 22