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| Goldman Sachs boss talks up Frankfurt as Brexit talks loom | Goldman Sachs boss talks up Frankfurt as Brexit talks loom |
| (3 months later) | |
| Pressure grows on Theresa May before EU dinner as Lloyd Blankfein tweets plan to spend ‘a lot more time’ in German finance capital | |
| Dan Roberts and | |
| Angela Monaghan | |
| Thu 19 Oct 2017 15.07 BST | |
| Last modified on Mon 27 Nov 2017 15.12 GMT | |
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| Goldman Sachs piled pressure on Theresa May in advance of a crunch European summit by ridiculing London’s hopes of staunching the flow of lucrative banking jobs after Brexit. | Goldman Sachs piled pressure on Theresa May in advance of a crunch European summit by ridiculing London’s hopes of staunching the flow of lucrative banking jobs after Brexit. |
| In a teasing tweet that captured growing business anxiety over the direction of talks, the US bank’s chief executive, Lloyd Blankfein, wrote on Thursday that he expected to be “spending a lot more time” in Frankfurt from now on. | In a teasing tweet that captured growing business anxiety over the direction of talks, the US bank’s chief executive, Lloyd Blankfein, wrote on Thursday that he expected to be “spending a lot more time” in Frankfurt from now on. |
| Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit | Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit |
| Blankfein’s comment suggested that with no clarity on a Brexit deal, the US investment bank is ready to make its contingency plans a reality. The timing of the intervention coincided with the European council summit in Brussels, where leaders of other EU countries are expected to rebuff May’s appeal for trade talks. | Blankfein’s comment suggested that with no clarity on a Brexit deal, the US investment bank is ready to make its contingency plans a reality. The timing of the intervention coincided with the European council summit in Brussels, where leaders of other EU countries are expected to rebuff May’s appeal for trade talks. |
| Goldman has hitherto run much of its European business from headquarters in London, like most investment banks, but has been increasingly vocal about the need to move operations to the EU if Britain leaves the single market without a replacement trade deal in place. | Goldman has hitherto run much of its European business from headquarters in London, like most investment banks, but has been increasingly vocal about the need to move operations to the EU if Britain leaves the single market without a replacement trade deal in place. |
| Two weeks ago it revealed it was leasing eight floors in a new Frankfurt tower block that could soon hold up to 1,000 staff. It currently employs 6,000 people in the UK, where it has been expanding offices on Fleet Street, versus just 200 in the German financial centre. | Two weeks ago it revealed it was leasing eight floors in a new Frankfurt tower block that could soon hold up to 1,000 staff. It currently employs 6,000 people in the UK, where it has been expanding offices on Fleet Street, versus just 200 in the German financial centre. |
| Responding to the tweet, a Downing Street spokesman said: “We’re not going to comment on an individual statement. But let’s be clear, London is and will remain the world’s leading financial centre. | Responding to the tweet, a Downing Street spokesman said: “We’re not going to comment on an individual statement. But let’s be clear, London is and will remain the world’s leading financial centre. |
| “We have the breadth of talent, legal system, regulation and deep pools of capital that are simply unrivalled by centres anywhere else in Europe and we are confident of securing an ambitious economic partnership with the EU that will include financial services.” | “We have the breadth of talent, legal system, regulation and deep pools of capital that are simply unrivalled by centres anywhere else in Europe and we are confident of securing an ambitious economic partnership with the EU that will include financial services.” |
| Tarnished by the banking crash, the face of Wall Street’s most controversial investment bank may still have limited political influence among voters, but Blankfein’s intervention comes amid growing signs of business drying up across Britain. | Tarnished by the banking crash, the face of Wall Street’s most controversial investment bank may still have limited political influence among voters, but Blankfein’s intervention comes amid growing signs of business drying up across Britain. |
| A report due out on Monday from the Engineering Employers’ Federation (EEF) is expected to show that half of manufacturers are putting investment on hold as politicians increasingly talk of a “no-deal” Brexit. | A report due out on Monday from the Engineering Employers’ Federation (EEF) is expected to show that half of manufacturers are putting investment on hold as politicians increasingly talk of a “no-deal” Brexit. |
| The annual EEF survey found a third of companies said that they were committed to current plans but awaiting a Brexit deal before investing further, with a further 13% revealing they were now holding off on all investment. | The annual EEF survey found a third of companies said that they were committed to current plans but awaiting a Brexit deal before investing further, with a further 13% revealing they were now holding off on all investment. |
| More dire business warnings are expected on Friday from other employers’ groups in Britain if the EU summit fails to generate any good news on the direction of Brexit talks. | More dire business warnings are expected on Friday from other employers’ groups in Britain if the EU summit fails to generate any good news on the direction of Brexit talks. |
| But it is the sight of leading international business figures now openly mocking Britain’s position that could cause most short-term anxiety, especially given their role in steering broader investment sentiment. | But it is the sight of leading international business figures now openly mocking Britain’s position that could cause most short-term anxiety, especially given their role in steering broader investment sentiment. |
| This month Sam Woods, a deputy governor at the Bank of England, warned that City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas. | This month Sam Woods, a deputy governor at the Bank of England, warned that City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas. |
| Major banks including JP Morgan, Standard Chartered and Bank of America are among those to announce plans to expand operations in other European cities to deal with the aftermath of Brexit. | Major banks including JP Morgan, Standard Chartered and Bank of America are among those to announce plans to expand operations in other European cities to deal with the aftermath of Brexit. |
| Frankfurt is one of the frontrunners among a host of European cities hoping to attract banking and financial services jobs away from London after Brexit, as firms seek guaranteed access to the single market. Dublin, Paris, Madrid, Amsterdam and Luxembourg are also vying for City jobs. | Frankfurt is one of the frontrunners among a host of European cities hoping to attract banking and financial services jobs away from London after Brexit, as firms seek guaranteed access to the single market. Dublin, Paris, Madrid, Amsterdam and Luxembourg are also vying for City jobs. |
| Goldman Sachs | |
| Banking | |
| Brexit | |
| European Union | |
| Europe | |
| Foreign policy | |
| news | |
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