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Goldman Sachs, StanChart raise staff count moving to Frankfurt due to Brexit

U.S.-based Goldman Sachs Group Inc. and the U.K.'s Standard Chartered PLC are increasing the number of personnel who will be relocated to Frankfurt by April 2019 in the wake of Brexit, Bloomberg News reported Oct. 12, citing people familiar with the matter.

The European Central Bank has pushed banks to increase the count of people and IT resources that it could have in the euro area on the day the U.K. leaves the EU, or Day 1. StanChart initially increased the count of additional employees that it will have in Frankfurt on Day 1 by a handful, but now expects to more than double the staff to in excess of 200 in a few years, according to the report.

Goldman Sachs recently started moving people to the German city, the report noted.