Goldman Sachs confirms London jobs will move to Europe due to Brexit

[Tennis]

http://www.cnbc.com/2017/03/21/goldm...reshuffle.html

Goldman Sachs will shift jobs away from London while bulking up its European presence by "hundreds of people" as it executes on Brexit contingency plans, the chief executive officer of Goldman Sachs International told CNBC on Tuesday.

Questioned on whether the European expansion would reflect the moving of jobs out of London or the hiring of new personnel on the continent, Richard Gnodde confirmed that the plans would reflect two strategies.

"It'll be a combination of things. We'll hire people inside of Europe itself and there will be some movement," he clarified, explaining that the upcoming period will see investment in infrastructure, people, systems and technology. Goldman Sachs also confirmed that this movement away from London would not necessarily result in a net reduction of workers in the U.K.

"For this first period, this is really the period where we put in place these contingency plans, this in the hundreds of people," said Gnodde, when asked to put numbers to anticipated headcount increases on the continent.

Speaking exclusively to CNBC at the Goldman Sachs Disruptive Technology Conference in London, Gnodde said that against the backdrop of discussions over Britain's exit from the European Union (EU), which are due to kick off next week, the apparent lack of a transition process or period for financial services firms means that contingency plans are being relied upon.

"Whatever the outcome, London will remain for us a very significant regional hub and a significant global hub," acknowledged the senior banker, while noting that operations in several European cities will be expanded as part of the contingency plans being actioned.

"We start with a significant European footprint, we are licensed with banks in Germany and France," began Gnodde, adding that over the next 18 months the bank would upgrade its European facilities and take extra space and headcount on the continent.

While emphasizing that a "business line by business line" analysis of the bank's upcoming changes had been undertaken, the Goldman Sachs veteran was also keen to point out that the contingency plans did not reflect the eventual layout of the firm once the parameters of the European financial services landscape were understood following Brexit.

Seems fairly certain that this is just the beginning. It seems obvious that the downturn is going to be substantial when everything is fully accounted for.

[Huehuecoyotl]

No surprise to those of us that actually used our brains when it came to Brexit. To the Leave voters this will no doubt be spun into a good thing somehow. Despite the likely significant loss of tax income that the shrinking of the Financial Services industry is going to bring.

Still, we are taking back control, eh?

[Aggrophobic]

That this would happen was pretty clear befor the votes were even cast.
To bad the less informed voters "won".

[Cthulhu 2020]

No surprise to those of us that actually used our brains when it came to Brexit. To the Leave voters this will no doubt be spun into a good thing somehow. Despite the likely significant loss of tax income that the shrinking of the Financial Services industry is going to bring.

Still, we are taking back control, eh?

Who wants banks in their country anyway? Fucking banks. And businesses. Man fuck those guys. Businesses are the worst. Get out of the UK with that shit. This is a good thing.

[Draco-Onis]

Who wants banks in their country anyway? Fucking banks. And businesses. Man fuck those guys. Businesses are the worst. Get out of the UK with that shit. This is a good thing.

Unfortunately banks are a necessary evil and add greatly to the GDP, also banks are more tightly restricted in other countries than they are here in the US. In other countries their bankers actually go to jail instead of getting bailouts and golden parachutes.

[Deleted]

http://www.businessinsider.com/r-exc...e-2016-12?IR=T

Good riddance.

[Deleted]

Goldman Sachs, many german companies who had offices in the UK.. UK people moving to the EU for their job.

At the end it will just help to split UK from Europe.

[Deleted]

Unfortunately banks are a necessary evil and add greatly to the GDP, also banks are more tightly restricted in other countries than they are here in the US. In other countries their bankers actually go to jail instead of getting bailouts and golden parachutes.

Yes Banks are good. Banks that do not gamble with Money they dont have or own

Anything else can fuck off and die

[Baelic]

Unfortunately banks are a necessary evil and add greatly to the GDP, also banks are more tightly restricted in other countries than they are here in the US. In other countries their bankers actually go to jail instead of getting bailouts and golden parachutes.

You sure you didn't mean golden showers?

[Thepersona]

Yes Banks are good. Banks that do not gamble with Money they dont have or own

Anything else can fuck off and die

Bankers being assholes doesnt mean that banks arent a necessity

[Cthulhu 2020]

Yes Banks are good. Banks that do not gamble with Money they dont have or own

Anything else can fuck off and die

It seems you didn't even read the post, lol.

In the US, executives get bonuses for crashing the economy so long as the bank gains.

In the UK and most of the modern, first world, banks are regulated to the point that they go to jail if they gamble with people's money.

[Huehuecoyotl]

It seems you didn't even read the post, lol.

In the US, executives get bonuses for crashing the economy so long as the bank gains.

In the UK and most of the modern, first world, banks are regulated to the point that they go to jail if they gamble with people's money.

I think you might mean Iceland. That's the country that sent bankers to jail for the shit they pulled in the run-up to 2008. The UK? They didn't do anything to their bankers, unless you count telling them "not to pay themselves any more huge bonuses". Which, when they proceeded to carry on paying themselves huge bonuses a REALLY short time later, was followed up with a stern "aw, you guys, we said not to do that".

Sadly the UK treats their bankers pretty much the same way as the US. Which means it's only a question of time before tax-payers need to get lubed up again. Because we aren't going to have a few generations between one huge crash and the next one this time, because none of the fuckers learnt a single thing from the last one.

[Cthulhu 2020]

I think you might mean Iceland. That's the country that sent bankers to jail for the shit they pulled in the run-up to 2008. The UK? They didn't do anything to their bankers, unless you count telling them "not to pay themselves any more huge bonuses". Which, when they proceeded to carry on paying themselves huge bonuses a REALLY short time later, was followed up with a stern "aw, you guys, we said not to do that".

Sadly the UK treats their bankers pretty much the same way as the US. Which means it's only a question of time before tax-payers need to get lubed up again. Because we aren't going to have a few generations between one huge crash and the next one this time, because none of the fuckers learnt a single thing from the last one.

Oh well. I mean Canada did it to some degree too. Maybe it's something about the cold that allows people to realize when they've been fucked, and fuck those people back?

[Activi-T]

They'll be back once the Euro collapses. /s

[Independent voter]

So now Goldman Sachs will have two offices, one in the EU and one in Britain pretty much like every other company in the world. This is why big corporations where against Brexit.

[Tennis]

Who wants banks in their country anyway? Fucking banks. And businesses. Man fuck those guys. Businesses are the worst. Get out of the UK with that shit. This is a good thing.

Banks contribute to the UK economy and helps with job creation.

[Karadros]

Banks contribute to the UK economy and helps with job creation.

I think Jedi Batman was being sarcas-...

Jedi Batman? Christ.

Anyway, I think that was sarcasm.

[Deleted]

http://www.businessinsider.com/r-exc...e-2016-12?IR=T

Good riddance.

The politicians who permit these things should be held criminally responsible to pay whatever the banks aren't paying.

[Deleted]

Thankfully England isn't dependant on the finance sector.

Oh wait

[Butler to Baby Sloths]

Who wants banks in their country anyway? Fucking banks. And businesses. Man fuck those guys. Businesses are the worst. Get out of the UK with that shit. This is a good thing.

Except that they contribute a significant proportion of the national revenue, which is now going to be going to Berlin and Paris instead of Whitehall.

I can't wait for Nissan to announce their factory closure in Sunderland due to Brexit (employs a lot of the local population, most of them voted for Brexit, they'll be without a job, Nissan said they'd close the factory if Brexit happened)