Goldman Sachs is planning to at least double its headcount in Frankfurt ahead of the UK exiting the European Union, says its regional head for Europe.
The bank currently has 200 staff in the city, Bloomberg reports.
“We started to shift resources to Frankfurt and other European cities,” says Richard Gnodde, who adds the city benefits from being home to the ECB.
The bank is planning to take more space in the building it already occupies and is also scouting for new offices.
Gnodde says it would be best for financial services to concentrate in a few centres to attract the best talent and to guarantee economies of scale and efficiency.
The UK and European Union begin Brexit talks today.