Goldman Sachs has confirmed reports that it will expand its presence in Frankfurt, in a bid to establish a Brexit contingency plan, a Goldman Sachs spokesperson in Germany told InvestmentEurope.
As Reuters reported earlier, the US group has signed a lease agreement for the upper floors of the Marienturm in Frankfurt, which is currently under construction. The lease agreement encompasses a 10.000 square metres office area covering the eight top floors of the 37 storey building and allowing space for up to 1000 staff members, according to Reuters.
“This expanded office space will allow us to grow our operations in Germany to continue serving our clients, as well as provide us with the space to execute on our Brexit contingency plan as needed” a Goldman Sachs spokesperson in Germany said.
The announcement marks a significant step ahead for the German financial centre, which is one of several European cities currently scrambling to attract financial services firms which are reducing their presence in the UK as a result of Brexit.
Last week, London-based boutique Smart Lenders Asset Management, announced that it would move its headquarters to Paris, while consultancy firm MJ Hudson expanded its presence in Luxembourg and TD Securities has relocated its bond trading business to Dublin.
Other Wall Street giants, including Morgan Stanley and JP Morgan have also announced that they consider to expand their presence in Frankfurt.