Wall Street firm relocating some of euro swaps trading desk; Headhunters say bankers are drawn by generous tax incentives
Goldman Sachs Group Inc.
is shifting some of its euro swaps trading desk to Milan from London,
the latest example of roles moving to the continent after Brexit.
The
Wall Street giant is relocating staff as it bolsters European offices
in the wake of the UK’s departure from the European Union, according to
people familiar with the matter. Staff will likely move early next year
and Goldman will also be hiring staff locally, two of the people said.
A spokesman for Goldman declined to provide
details or numbers of people being moved while the relocations are being
finalized. The firm currently has around 80 employees in Milan.
Some
of the world’s biggest banks are under pressure to move more traders
from London into EU cities such as Paris, Frankfurt and Amsterdam. The
European Central Bank said in May that lenders who set up units in the
euro area are still ECB Says Global Banks Too Slow on Post-Brexit Staff Moves (1)" target="_blank">too dependent on operations outside the region, and found that about a fifth of the trading desks it reviewed “warranted ECB Says 21% of Trading Desks in Brexit Bank Review Face Action" target="_blank">targeted supervisory action.”
That’s proving to be good news for Milan and other EU financial centers.
“Due to changes in the regulatory framework,
Milan is now capital-market friendly,” Russell Clarke, partner at
Figtree Search in London, said by phone.
JPMorgan
Chase & Co. employs about 200 staff in Italy and is continuing to
add more, according to a person familiar with the matter who asked not
to be named discussing internal matters. It’s recruiting for nine new
roles including two executive directors, one working on lending advice
and the other advising clients on asset management. ...
more at Bloomberg
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