Members of Goldman Sach’s derivatives and debt capital markets teams, working on German accounts, have been told to relocate to its offices in Frankfurt.
According to two sources with knowledge of the matter, Goldman Sachs has put more than 2 dozen of its UK-based banking, trading and sales staff on notice to move to Frankfurt within weeks, as it prepares for Brexit.
After months of lobbying and waiting patiently, the U.S. investment bank has decided it can no longer afford to wait for more clarity from lawmakers on how Brexit will impact its EU business; it is now taking steps to minimize disruption of service to its clients.
Goldman Sachs has already informed members of its London-based derivatives and debt capital markets teams working on German accounts that they should relocate to its base in Frankfurt.
Further, it has also informed its staff that they should prepare to move to those offices by the end of June, said two sources.
As per another source, several members of these teams, have already negotiated and signed a new German employment contracts ahead of the move.
Goldman declined to comment.