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Goldman Sachs will have post-Brexit EU operations hubs in Frankfurt, Paris

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Goldman Sachs will have post-Brexit EU operations hubs in Frankfurt, Paris

Goldman Sachs Group Inc. will relocate business that cannot be conducted from London and split it between its hubs in Paris and Frankfurt, in a change from its earlier position of identifying a single city for its post-Brexit EU hub, The Guardian reported, citing CEO Lloyd Blankfein.

"We won't have a single hub, but two — Frankfurt and Paris because they are the two biggest European economies. ... In the end, it's the people who will largely decide where they prefer to live," Blankfein told French newspaper Le Figaro in an interview, suggesting that many American employees would prefer to live in Paris over Frankfurt, The Guardian reported.

For Brexit, "everyone needs a script, and fast," Blankfein added.

Goldman Sachs employs 6,000 staff in London and is constructing a £350 million headquarters near Fleet Street, the report noted. However, Blankfein said that post-Brexit, the bank "will have more employees on the continent. Some, if they want to, would come from London; we will hire others."

The bank has also leased eight floors in a tower in Frankfurt that can house 1,000 staff, The Guardian added.