Goldman Executive Says Bank Could ‘Quadruple’ Frankfurt StaffBy
Goldman Sachs Group Inc. could increase its Frankfurt staffing as much as fourfold as the bank deals with the fallout of Brexit, according to a senior executive.
“We talked various times about doubling our staff” in Frankfurt from the current level of about 200, and there are scenarios where it could “triple or quadruple,” Wolfgang Fink, the co-chief executive officer for Germany, said Thursday at a conference in the city.
Fink’s comments raise the prospect of a far bigger staffing boost than what the U.S. investment bank has already signaled. Morgan Stanley, Citigroup Inc. and UBS Group AG are also all relocating jobs to the German financial capital to ensure they can do business throughout the European Union following the U.K.’s withdrawal from the bloc.
Frankfurt has emerged as a particularly popular destination for banking business leaving London, with lobby group Frankfurt Main Finance estimating that as many as 10,000 finance jobs could relocate from the U.K. capital to the German city. Deutsche Bank AG CEO John Cryan said Wednesday that Frankfurt is the best-placed European city to pick up business because of Brexit.
Goldman Sachs’s Frankfurt headquarters are in a high-rise building outside the financial district, but the bank is scouting for new office space, people familiar with the matter have said.
The bank has contingency plans for potentially doubling its Frankfurt headcount, and the final set-up will depend on the outcome of the Brexit talks, a Goldman spokeswoman said in an emailed statement.