![\"Brexit\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/Brexit-1-800x450.jpg\")
<\/p>\n‘Because of\u00a0Brexit, because of the way the world’s evolving, the talent that was more centred here is more mobile’<\/p>\n
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Brexit has had a damaging effect on London\u2019s status as a global financial hub, with talent leaving the country, the boss of Goldman Sachs has warned, and other European cities benefitting.<\/strong><\/p>\n David Solomon, chairman and chief executive of the bank, said it is diverting staff away from London to rival cities such as Paris, Frankfurt and Munich, following the vote to leave the EU.<\/p>\n Speaking to Sky\u2019s\u00a0The Master Investor Podcast with Wilfred Frost, he said: \u201cThe financial\u00a0industry is still driven by talent\u00a0and capital formation, and those things are much more mobile than they were 25 years ago.<\/p>\n \u201cLondon continues to be an important financial centre. But because of\u00a0Brexit, because of the way the world\u2019s evolving, the talent that was more centred here is more mobile.<\/p>\n \u201cWe as a firm have many more people on the continent.\u201d<\/p>\n Describing Goldman Sachs\u2019 operational expansion outside the UK following the Brexit referendum, he said: \u201cIf you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now\u2026 And so in Goldman Sachs today, if you\u2019re in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland.<\/p>\n \u201cAnd we\u2019ve got, you know, real offices. You just have to recognise that talent is more mobile.\u201d<\/p>\n Basit Mahmood is editor of Left Foot Forward<\/strong><\/p>\n
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