Is Goldman Sachs moving jobs out of London because of Brexit?

Is Goldman Sachs moving jobs out of London because of Brexit?

Theresa May's speech on Tuesday held bad news for banks waiting to hear whether the United Kingdom will retain its passporting rights, which include the ability to operate in all European countries.

Amid speculation about the number of jobs that Goldman could shift out of London, the bank's chief executive, Lloyd Blankfein, said NY was already proving the victor from the early Brexit fallout.

On Wednesday, following Theresa May's first major Brexit speech of the year, JP Morgan Boss Jamie Dimon admitted "it looks like there will be more job losses than we had hoped for".

As Britain prepares to exit from the European Union, Goldman is reportedly planning to transfer 1,000 people from London to Frankfurt, and is also mulling moving operations staff from Europe's financial capital to Warsaw and NY.

Goldman Sachs Group Inc. may cut its London staff in half to 3,000 workers while transferring some to other locations as it prepares for the U.K.'s exit from the European Union, Handelsblatt reported, citing unidentified people in the financial industry.

Goldman Sachs chief Lloyd Blankfein said NY is "already a bit of a gainer" from Brexit, as the bank eases up on previous plans to shift operations to Britain. "Now we are now slowing down that decision", Blankfein told Bloomberg TV in Davos.

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The company is considering moving as many as 1,000 employees including traders and compliance managers to Frankfurt as the firm shifts operations across the Continent and to NY, the newspaper said. "As a result we have not taken any decisions as to what our eventual response will be".

The shift of jobs will be a blow to the City of London, which has been lobbying since the Brexit vote for financial firms in Britain to retain the European Union "passporting rights" that allows them to sell their services across the bloc.

Migration was also a going to be a problem, with British bankers making the move could be "difficult".

Barclays' chief executive Jes Staley, meanwhile, confirmed the bank's commitment to Britain.

Sadiq Khan spoke to AFP at the World Economic Forum shortly after Prime Minister Theresa May told the meeting in Davos that Britain would remain open for business, even as some banks start shifting jobs from London to Europe.

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