Goldman Sachs Considers Cutting London Staff by 50% Post Brexit

Trading operations could move to the bank’s New York headquarters while back-office staff may relocate to Warsaw.

With plans for the Brexit now underway, Goldman Sachs has announced that it could cut its London staff by as much as 50 percent to 3,000 workers, while transferring some to other locations in preparation for Britain’s departure from the European Union, according to sources cited in Bloomberg.

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The bank is reportedly considering moving up to 1,000 employees including traders and compliance managers to Frankfurt as it moves to relocate its operations across the continent and New York.

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A bank spokesperson told Bloomberg: “No decision has been taken and the numbers mentioned are none we would recognize.”

Goldman Sachs revealed several months ago that it was examining the implications for the industry as the UK negotiates its withdrawal. Back in August, the bank said that the Brexit decision “may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure certain of our operations.

The message was conveyed just after the Brexit vote result and was one of the clearest signs from a major Wall Street bank that it was preparing specific measures following the landmark vote.

JPMorgan Chase Chief Executive Officer Jamie Dimon also said in an interview on Bloomberg Television that his firm is still waiting to see how Britain handles its break with the EU before making decisions on how to adjust London staffing, adding: “It looks like there will be more job movement than we hoped for.”

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