Goldman, Morgan Stanley signal London job moves ahead of Brexit

LONDON/NEW YORK (March 22): Senior Goldman Sachs Group Inc. and Morgan Stanley executives said they’re preparing to shift staff and operations from London to elsewhere in the European Union as Prime Minister Theresa May sets up the UK’s exit from the bloc.

A day after May’s office announced she will open two years of divorce talks with the EU on March 29, Richard Gnodde, co-head of investment banking at Goldman Sachs, told CNBC on Tuesday that his bank will initially relocate hundreds of London-based employees to expand other offices after the split.

“We’ll hire people inside of Europe itself, and there will be some movement,’’ he said.

---

Related Stories

• HSBC sees ‘unattractive’ risk reward for Goldman Sachs, Morgan Stanley
• Morgan Stanley joins US peers in putting Mideast HQ in Riyadh
• Morgan Stanley raises base case S&P 500 price target to 6,500

---