Goldman Sachs Considers Cutting London Staff by 50% Post Brexit

With plans for the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term now underway, Goldman Sachs has announced that it could cut its London staff by as much as 50 percent to 3,000 workers, while transferring some to other locations in preparation for Britain’s departure from the European Union, according to sources cited in Bloomberg.

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The bank is reportedly considering moving up to 1,000 employees including traders and Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term managers to Frankfurt as it moves to relocate its operations across the continent and New York.

A bank spokesperson told Bloomberg: “No decision has been taken and the numbers mentioned are none we would recognize.”

Goldman Sachs revealed several months ago that it was examining the implications for the industry as the UK negotiates its withdrawal. Back in August, the bank said that the Brexit decision “may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure certain of our operations.”

The message was conveyed just after the Brexit vote result and was one of the clearest signs from a major Wall Street bank that it was preparing specific measures following the landmark vote.

JPMorgan Chase Chief Executive Officer Jamie Dimon also said in an interview on Bloomberg Television that his firm is still waiting to see how Britain handles its break with the EU before making decisions on how to adjust London staffing, adding: “It looks like there will be more job movement than we hoped for.”