May 24, 2024

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Goldman Sachs moves senior banker to Paris in post-Brexit revamp

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Goldman Sachs has moved its top investment banker for European financial companies from London to Paris, as the Wall Street bank finalises its post-Brexit relocation plans.

Dirk Lievens, who is head of Goldman’s financial institutions group for Europe, the Middle East and Africa, moved to Paris last month to be closer to the company’s continental European clients, including banks and insurers, according to people briefed on the matter.

Since the UK voted to leave the EU in 2016, Goldman has set about relocating dealmaking teams focused on different industries from London to continental European cities.

Lievens was joining several other members of Goldman’s financial institutions group who have moved to Paris, while a skeleton staff remains in London to serve UK and Middle Eastern banks, the people familiar with the arrangements said.

A Goldman partner, he has been at the bank for 25 years, working mostly in London. Goldman confirmed Lievens’ relocation.

Before the Brexit vote, financial companies warned they could relocate tens of thousands of staff from London to mainland Europe, denting the UK capital’s status as a global hub.

While the numbers of departures have not been as high as the worst predictions, many US companies have slowly relocated teams from London and chosen to make new hires in continental Europe.

Paris has emerged as the biggest winner, with Wall Street banks such as JPMorgan and Bank of America choosing the French capital for their main post-Brexit European centre.

The offices of Goldman Sachs at 83 Avenue Marceau in Paris, France, in September 2021
The offices of Goldman Sachs in Paris. A few Wall Street banks have chosen the city as their main European centre © Nathan Laine/Bloomberg

Goldman’s European investment banking operations have been facing a sensitive time, having experienced tumult this year over appointments to a new senior internal committee.

Gonzalo Garcia, Goldman’s then co-head of European investment banking, quit shortly after being left off the committee.

Among other moves from London, Goldman has relocated several investment bankers advising natural resources companies to Milan, where they are overseen by Francesco Pascuzzi.

Goldman has also moved bankers dealing with car businesses to its Frankfurt office, where they are co-managed by Axel Hoefer.

The bank recently opened an office in Munich for its dealmaking team focused on European technology, media and telecoms companies, co-headed by Macario Prieto.

Video: We need to talk about Brexit | FT Film


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