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We are not moving to Frankfurt, say Goldman and Morgan Stanley

Published 29/06/2016

Goldman Sachs employs thousands of people in the City.
Goldman Sachs employs thousands of people in the City.

Goldman Sachs and Morgan Stanley have moved to quash rumours that they are drawing up plans to move their London banking operations to Frankfurt in the wake of Britain voting to leave the European Union.

Responding to reports that the US banking giants had pre-let office space in Germany's financial capital, Goldman Sachs said: "We have not made any changes to our real estate requirements in Frankfurt as a result of the referendum result.

"As we have already communicated to our employees, there is no immediate change to the way we conduct our business or where we conduct our business."

Similarly, Morgan Stanley said it "does not have pre-let office space in Frankfurt".

Morgan Stanley employs 5,000 in the UK while Goldman has 6,500 staff.

The reassurances come as workers in the Square Mile brace for months of pain as banks and financial institutions begin the process of considering whether to slash jobs or relocate to Europe in the wake of Brexit.

JP Morgan, HSBC and Goldman Sachs all said prior to the vote that thousands of jobs in the City of London could be moved to the continent in the event of Brexit.

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