Goldman Sachs denies moving operations from London to Dublin
Goldman Sachs (GS) is pushing back on a report that it plans to move its European asset management business from London to Dublin. "We have not chosen Dublin as home for our European asset management business," Maria Gonzalez, a spokeswoman for the bank, said in a statement.
"As part of our Brexit planning we are considering options related to elements of fund administration within the EU," she said, emphasizing that changes to headcount would be small. The Financial Times reported earlier on Wednesday that Goldman would move its European asset management business, with about 20 employees, to Dublin. It cited two unnamed sources.
Still, Brexit has forced the investment bank to shift its strategy. The financial giant made clear last March that it intended to exit at least some of its London operations. CEO Lloyd Blankfein said last month the bank "won't have a single hub, but two -- Frankfurt and Paris." He added, "Brexit pushes us to decentralize our activities."
Blankfein has not held back from tweeting about Brexit's effect on the bank's plans.
Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit
— Lloyd Blankfein (@lloydblankfein) October 19, 2017
Here in UK, lots of hand-wringing from CEOs over #Brexit. Better sense of the tough and risky road ahead. Reluctant to say, but many wish for a confirming vote on a decision so monumental and irreversible. So much at stake, why not make sure consensus still there?
— Lloyd Blankfein (@lloydblankfein) November 16, 2017
As international firms with European Union operations prepare to leave the U.K., Dublin is one city that's benefiting. Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) have all increased their Dublin operations post-Brexit, the Guardian reported. Between 70 and 100 banks and financial firms have spoken with the U.K.'s regulator in the past year and a half, according to the news outlet.