The Americans are running away from London: Goldman Sachs might triple the number of employees from Frankfurt

By | September 12, 2017

Goldman Sachs might increase up to four times their Frankfurt staff due to the Brexit, revealed Wolfgang Fink, co-CEO for the German subsidiary for Bloomberg.

“We have discussed on numerous times about doubling the staff in Frankfurt from the current level to about 200 people and there are scenarios about a tripling it”, added the German leader.

Morgan Stanley, Citigroup, and UBS also expressed their desire of relocating their activity positions in the German financial capital in the context of Brexit.

Frankfurt has become a very popular destination for bankers who end up leaving London.

Meanwhile, the Frankfurt Main Finance lobby group has predicted that up to 10.000 employees will, eventually, end up relocating from London to Frankfurt in the following four or five years.

Britain’s decision to leave the EU has led major financial institutions to set up new operations centers within the EU bloc to secure access to their EU customers.

A source inside Goldman Sachs revealed earlier this year that the US bank is considering moving at least 1.000 employees to Frankfurt.

According to the last estimates published by the Bruegel Reflection Center, London could lose up to 30.000 jobs in the financial sector due to the Brexit.

Earlier this year, German paper Handelsblatt wrote about Goldman Sachs’ plans of transferring 3.000 jobs to Warsaw, Frankfurt and New York.

 

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