Goldman Sachs to Move 100 Workers From London Ahead of Brexit

(Bloomberg) -- Goldman Sachs Group Inc. is asking just over 100 staff to move from London to other European cities in preparation for Brexit.

Goldman Sachs employees who work in areas including sales and trading, deal-making and private wealth management are being asked to sign new contracts and to prepare to relocate in time for Jan. 1, according to a person familiar with the matter who asked not to be identified discussing internal plans. Discussions with staff have intensified in recent weeks. They will move to European Union offices including Paris, Frankfurt, Milan and Madrid, the person said.

A spokesman for Goldman Sachs in London declined to comment.

The Wall Street bank is implementing the move with fewer than 100 days before the U.K. leaves the EU, and as negotiations between the two sides have turned increasingly hostile. JPMorgan Chase & Co. told 200 workers last week to relocate to Europe.

The European Union has told U.K. negotiators they must accept some of the bloc’s key demands over their future relationship in crunch meetings next week if they want to make progress on a trade deal before an October deadline.

Earlier this month Bank of England Governor Andrew Bailey said securing an agreement on financial services for investment banks wasn’t worth pursuing at all costs. While banks operating in the City of London have previously moved staff and established new Europe entities, some are holding out for a deal before making further changes.

In June, Goldman signed a 12-year lease in Paris’s 16th arrondissement where it operates one of its broker-dealers servicing European clients, allowing it to double its headcount in the French capital starting late next year.

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