Goldman Sachs in talks to shift billions of euros to Frankfurt

Frankfurt Europe European City 480

Goldman Sachs is in talks with the ECB over shifting assets and operations from London to Frankfurt ahead of the UK’s exit from the European Union, Reuters reports.

The official line from the US investment bank is that Brexit presents “numerous uncertainties” and it is working through “all possible implications” of the vote.

However, Reuters cites three sources who confirm the bank has been seeking to move under ECB supervision in Frankfurt.

The bank would need to increase its assets to €30bn to qualify for ECB supervision. Its German business held assets of just €551m in 2015, but its overall assets are higher due to other entities in Germany, Reuters reports.

The bank has also held empty office space at its Frankfurt offices that it had intending to vacate before the Brexit vote.

Frankfurt is the bank’s largest European operation outside London, but it has smaller offices in Paris, Madrid and Milan.