Is Goldman Sachs moving jobs out of London because of Brexit?

Posted January 20, 2017

Amid speculation about the number of jobs that Goldman could shift out of London, the bank's chief executive, Lloyd Blankfein, said NY was already proving the victor from the early Brexit fallout.

Mr Dimon said that number could rise or fall "depending on negotiations".

'Operating our business to maximise our global potential - we were trying to get as much into the United Kingdom as we could, ' he said.

German newspaper Handelsblatt reports that U.S. investment bank Goldman Sachs Group Inc (NYSE:GS) is planning to halve the number of employees it has in London.

'We continue to work through all possible implications of the Brexit vote, ' a Goldman Sachs spokesperson said. There remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry.

"No decision has been taken and the numbers mentioned are none we would recognize", company spokeswoman Nicole Mommsen told Bloomberg after the report.

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'We're slowing down that decision'.

May met the heads of major US financial firms at the World Economic Forum in Davos on Thursday to discuss their concerns.

HSBC's chief executive Stuart Gulliver has reiterated that 1,000 roles will "move in about two years' time when Brexit becomes effective", while the Swiss bank UBS has acknowledged 1,000 of its 5,000 staff could shift, possibly to Frankfurt or Madrid.

And Swiss bank UBS is also expected to shift jobs to the continent after Chairman Axel Weber told the BBC about 1,000 of its 5,000 employees are now involved in operations dependent on passporting rights, which could end post-Brexit. But an upbeat Mr Staley said London remained vital.

The shift of jobs will be a blow to the City of London, which has been lobbying since the Brexit vote for financial firms in Britain to retain the European Union "passporting rights" that allows them to sell their services across the bloc.

Staley said that he believes that Dodd-Frank, a comprehensive and notoriously complicated piece of financial regulation which emerged after the 2008 recession, is going to stay in place and that "the banks need to operate on this". "And of course the services that fit around the banks, asset management companies and insurance companies, are important to us as too".