As the UK votes in an election that’s widely expected to deliver a government threatening a “hard Brexit”, banks in London are already moving operations to offices in the European Union.
German headhunters say both Standard Chartered and Goldman Sachs are shifting functions to in Frankfurt.
Standard Chartered announced plans to make Frankfurt its new European hub last month. The British bank is already understood to be looking for 20+ people to work in the German city. Headhunters say the hires are focused on corporate banking as opposed to the wholesale banking division, and that they include relationship managers and middle and back office staff in areas like compliance. Standard Chartered already operates its euro clearing business in Frankfurt and employs around 100 people there.
Headhunters also claim Goldman Sachs has shifted “a handful” of German-speaking sales traders out of London and into Frankfurt’s MessTurm tower, where it has space waiting for 100s more staff. Only one move is confirmed though – and it’s more a shift of responsibilities than a physical migration of staff: a Frankfurt based GS trader has taken on the responsibility for salestrading for German clients. The trader concerned was in Frankfurt already.
In a worst case scenario, Goldman is expected to move 3,000 jobs out of London as a result of Brexit, and to disperse them across Frankfurt, New York, Warsaw, Paris and Madrid. Goldman’s own jobs website shows that it’s already looking for an EMEA sales analyst in Germany, plus three people to work in human capital management in Frankfurt. It’s also recruiting someone to hire experienced staff in Warsaw,
Standard Chartered and Goldman Sachs declined to comment.