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The Goldman Sachs Group, Inc. (GS) - $25 value - yours FREE >>
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The Goldman Sachs Group, Inc. (GS) - $25 value - yours FREE >>
JPMorgan Chase & Co. (JPM) - $25 value - yours FREE >>
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Goldman Sachs Names Frankfurt & Paris as EU Hubs Post Brexit
In an interview with a French newspaper, Goldman Sachs Group (GS - Free Report) CEO Lloyd Blankfein said that the bank would base its European operations in Frankfurt and Paris post Britain’s planned exit from the bloc in 2019.
He said that it would be upon the employees to decide which location they would relocate to. Blankfein also mentioned that the bank would need to hire more employees.
Britain is currently home to most of Goldman’s European operations, with about 6,000 employees.
Goldman has leased office space in a Frankfurt skyscraper that would enable it to hire about 1,000 people, significantly higher than the present employee count in office at Frankfurt. The bank already has office spaces in central Paris.
Being home to the European Central Bank, Frankfurt has been a preferred choice of U.S. companies like Citigroup (C - Free Report) and Morgan Stanley (MS - Free Report) for base establishment of European operations.
Meanwhile, Paris President Emmanuel Macron’s measures to lower taxes and cut red tape for international bankers have appealed to banks like JPMorgan (JPM - Free Report) .
Other banks await updates on how things turn out between the Brexit negotiators. Britain is expected to make progress on its plan to exit European Union until the early December so that discussions regarding future trade relations can be held.
Shares of Goldman Sachs have gained 10.2% in the last six months, underperforming the industry’s rally of 15.3%.
The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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