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Goldman Sachs to switch London for Paris and Frankfurt

Investment bank hopes to open two new European hubs in order to avoid Brexit hurdles.

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Goldman Sachs to switch London for Paris and Frankfurt

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Goldman Sachs Chief Executive Lloyd Blankfein has revealed that the investment bank will set up two new EU offices after Brexit, moving its European base in London to new hubs in Frankfurt and Paris.

After visiting the two cities, Blankfein announced that employees at the Wall Street bank’s London office would be given a choice of which city they’d like to move to, and that more staff will be hired at both locations to make up the deficit.

The finance company has been wrestling with the Brexit dilemma since Britain’s vote to leave the EU last year.

With it’s main European operations hub based in London, the bank needs to ensure it will still be able to serve EU clients after Brexit, which may limit access to the EU’s single market.