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Goldman to Double Frankfurt Staff on Brexit, Europe Head Says

  • City has advantage over rivals, Gnodde tells Germany’s FAS
  • Bank scouting for new office space as Brexit talks start

Goldman Sachs Group Inc. is shifting personnel away from London as formal negotiations on the U.K.’s exit from the European Union are scheduled to begin Monday, according to the bank’s regional head, Richard Gnodde.

“We started to shift resources to Frankfurt and other European cities,” Gnodde told Frankfurter Allgemeine Zeitung in an interview. Goldman Sachs will “very probably” at least double staff numbers in the German city, where it currently employs 200, he said. Frankfurt has an advantage over rivals in Europe, including Paris and Dublin, because the European Central Bank is based in the city, Gnodde said.