(Reuters) - Goldman Sachs Group Inc has agreed to lease office space at a new building in Frankfurt as it prepares for Britain’s departure from the European Union.
Britain is currently home to most of the Wall Street bank’s European operations where it has around 6,000 employees, but the firm needs to ensure it will still be able to service clients in the EU once Britain leaves the bloc and may have limited access to the EU’s single market.
In September, Wolfgang Fink, co-chief of Goldman in Germany, said the bank might triple or quadruple its presence in Frankfurt, where it currently employs around 200 staff.
Goldman has agreed to lease space on the upper floors of the Marienturm tower, currently being built in the German city’s financial district, a spokesman for the bank in London told Reuters on Wednesday.
“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,” the spokesman said.
Goldman will rent about 10,000 square meters (107,639 square feet) of office space which would accommodate up to 700 seats, a person familiar with the matter told Reuters.
News of Goldman agreeing to lease office space in Frankfurt was earlier reported by Bloomberg.
Reporting by Anjuli Davies in London, additional reporting by Ismail Shakil in Bengaluru; Editing by Mark Potter