Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Goldman to move traders to Milan to retain EU Links post Brexit

by November 30, 2022
November 30, 2022
Goldman to move traders to Milan to retain EU Links post Brexit

A small number of London-based derivatives traders at Goldman Sachs are to move to Milan in a further sign of the steady trickle of City workers relocating into the European Union following Brexit.

The changes to Goldman’s euro swaps trading desk will further boost the Wall Street bank’s presence in the Italian city, where it already has about 80 staff. The job moves, which were first reported by Bloomberg, are yet to be finalised. A spokesman for Goldman declined to comment.

While the number of Goldman traders moving from the desk is thought to be low, the relocations are symptomatic of the shift that has taken place in the City of London since Britain voted to leave the EU six years ago.

London has been used by international banks for decades as the hub for their European operations. The Brexit referendum raised fears that lenders and other financial firms would be forced to move swathes of jobs into the EU so that they could continue to serve their clients in the bloc. This raised concerns about London’s status as one of the world’s leading financial centres.

Although relocations so far have proved to be much lower than initially feared, banks have, nevertheless, been forced to bulk up their EU operations in cities including Frankfurt, Paris, Madrid and Amsterdam in the years since the referendum. They continue to face regulatory pressure to further increase their staffing levels within the bloc.

The European Central Bank recently scrutinised the way investment banks run their post-Brexit EU outposts and in May warned that most of the 264 trading desks it had reviewed at seven unnamed firms, which were thought to have included Goldman, were essentially “empty shells”.

The ECB said that 56 of the desks needed “targeted supervisory action”, including better staffing, to assuage concerns. The Bank of England’s Prudential Regulation Authority is thought to be watching developments arising from the ECB’s so-called desk-mapping review closely.

Read more:
Goldman to move traders to Milan to retain EU Links post Brexit

0
FacebookTwitterGoogle +Pinterest
previous post
Business confidence at lowest in 21 months
next post
EasyJet bumps up its ticket prices by 20 per cent as losses soar to £2bn

You may also like

Barclays faces blow over car finance mis-selling as...

December 18, 2024

Billionaire Issa brothers back hydrogen-powered lorry start-up

July 10, 2023

Wind farm developer in judicial review bid against...

December 28, 2022

Why Businesses Should Embrace HR Outsourcing: Unlocking Competitive...

June 9, 2023

Promo Codes for CSGORoll: Unlocking Exclusive Rewards and...

October 14, 2024

The Impact Of Personal Injuries On Small Businesses:...

December 4, 2023

Google’s Proposal for AI Systems and Publisher Opt-Out:...

August 9, 2023

How The Rise In Cash Offers Are Shaping...

May 12, 2024

Trump Media turns to cryptocurrency with new truth.fi...

January 29, 2025

R&D tax reliefs revamp questioned

April 25, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Hegseth tears up red tape, orders Pentagon to begin drone surge at Trump’s command

      July 10, 2025
    • SCOOP: Sen Ron Johnson readies subpoenas for FBI, DOJ in Butler shooting probe

      July 10, 2025
    • Jackson defends controversial, fiery SCOTUS dissents as telling people ‘how I feel’

      July 10, 2025
    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • AstroTurf Leads Innovation in Player Safety and Sustainability for Modern Sport

      July 10, 2025
    • Russia sanctions bill gains steam as White House appears to change tone on Putin

      July 10, 2025

    Categories

    • Business (8,444)
    • Investing (2,115)
    • Politics (16,000)
    • Stocks (3,199)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved