Fleeing London: Frankfurt & Paris Poised to Get Thousands of Brexit Jobs

Written by | Thursday, November 16th, 2017

Frankfurt and Paris are poised to get the most jobs from Goldman Sachs as the global bank is transferring its staff from London following the Brexit. The two European capitals have been trying to attract global financial companies since the June 2016 Brexit referendum. The President of the Ile-de-France region that includes Paris, Valerie Pecresse, has pledged to bring 2,500 jobs to the French capital after the UK’s divorce from the EU.

German financial hub Frankfurt has already claimed major victories having attracted American companies such as Citi Group, Morgan Stanley and Japanese giants Mitsui Financial Group, Daiwa Securities and Nomura. US banks JPMorgan Chase and Bank of America have opted for Dublin as their new post-Brexit EU headquarters, while moving some other jobs to Paris.

Goldman Sachs, which employs 6,000 people in Britain, has not been willing to comment on the specifics of its post-Brexit structure but said that it was planning to transfer hundreds of jobs to the continent. Despite these shifts, Goldman Sachs is going to keep a large presence in London. The bank’s CEO Lloyd Blankfein recently visited Paris and praised the capital on Twitter saying that he was “struck by the positive energy here in Paris. Strong govt and biz leaders are committed to economic reform and are well thru the first steps. And the food’s good too!”

Mr. Blankfein had previously visited Frankfurt, praising the German financial capital for many attributes and “great” weather. “Good because I’ll be spending a lot more time there. #Brexit” he tweeted then about the city. His recent visits have triggered some uncertainty in London where the British Prime Minister Theresa May’s government is facing a hard time trying to work out the Brexit on advantageous terms for the country.

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