Brexit: Goldman Sachs says it may triple or quadruple its Frankfurt presence

Most of Goldman's European operations are in the UK, for the moment

6,000 employees work for Goldman Sachs in the UK (AP)

Wolfgang Fink, co-chief of Goldman Sachs in Germany, said the US investment bank may triple or quadruple its presence in Frankfurt in light of Britain’s decision to leave the European Union.

Mr Fink, speaking to bankers at a conference in Germany’s financial capital on Thursday, said the bank’s working assumption was that it was going to double its Frankfurt headcount from 200 now.

But under some scenarios, “we may triple or even quadruple” the number of people on the ground, he said, without elaborating.

The wide range of potential personnel moves highlights the uncertainty that financial institutions face with the unknowns of Brexit and how banks and clearing will be regulated.

Britain is home to most of Goldman’s European operations.

It has about 6,000 employees currently in the UK, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across the region.

Reuters