Goldman Sachs Group Inc. plans to add more jobs at its offices in Milan, Paris and Frankfurt, while pulling some jobs from London as part of a regionalization strategy, Wolfgang Fink, co-head of the U.S. banking group's German business told Handelsblatt in an interview published Feb. 20.
Goldman Sachs employs 6,000 people in London and reportedly plans to add a few hundred jobs to its existing teams in Italy, France and Germany.
In Germany, a first move will be to transfer some of the London-based financing business jobs to Frankfurt, Fink said, adding that the goal is to expand the team in order to be able to service more clients. The job moves are more related to the group's strategy rather than Brexit, he noted.
However, the U.K.'s departure from the EU will definitely give more influence to individual countries in Europe, he added. This could also mean that Goldman Sachs ends up being supervised by the ECB rather than by the German financial market watchdog Bafin, Fink said.
Brexit-related uncertainty among investors has an impact on the mergers and acquisitions business of banks, which get fewer chances to advise on M&A transactions with U.K. participation despite the currently booming market, he said. Pricing also plays a role, as company valuations have not declined very much in the U.K., Fink added. However, that could happen in the future, which will also create market opportunities after Brexit, he noted.