In the first phase of adjustment in view of Brexit, Goldman Sachs will lighten its jobs in London to reinforce its presence in Europe of a few "hundreds of people" in execution of the adjustment plans to Brexit. This was stated by the CEO of the investment bank in an exclusive interview with CNBC on Tuesday.
When asked whether the expansion into Europe will be about relocating jobs from London or hiring new staff on the continent, Richard Gnodde confirms that GS's plans will reflect both strategies over the next 18 months.
“It will be a combination of the two. We will hire people in Europe and there will also be some transfers” the manager clarified, explaining that the upcoming period will see investments in infrastructure, personnel, systems and technology. Goldman Sachs also confirmed that this shift from London will not necessarily result in a net reduction of workers in the UK.
"In this first phase in which we will implement the alternative plan to Brexit, we are in the order of a few hundred people interested," said Gnodde when asked to anticipate some numbers on the increase in personnel on the continent.
Gnodde also said that faced with the scenario of the negotiations that will open next week, on March 29, on Great Britain's exit from the EU, the apparent lack of a transitional phase for financial services pushes companies to rely on the implementation of their alternative plans.
"Whatever the final outcome will be, London will remain a very important regional and global hub for us" acknowledged the banker while underlining that activities will be developed in various European cities in consideration of the alternative plans that will be put in place in this start-up phase of the Brexit-related adjustment.
“We start with an already significant footprint in Europe, we already have licenses in France and Germany, which in the next 18 months will be further developed by acquiring more space and workforce on the continent”.
To see the complete interview, click on the link.
