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Goldman Sachs stalls plan to move jobs to United Kingdom amid Brexit uncertainty

20 January 2017

While May insists that Britain will abandon the EU's common market, Khan said she should press still in Brexit negotiations for "privileged access" to the trading area and for London to have the ability to hire the right talent from overseas.

Jamie Dimon, chief executive of U.S. bank JP Morgan, who was set to meet Mrs May, told Bloomberg Television: 'It looks like there will be more job movement than we hoped for'.

London's financial pull remains strong.

Mr Dimon said that number could rise or fall "depending on negotiations".

HSBC's chief executive Stuart Gulliver has reiterated that 1,000 roles will "move in about two years' time when Brexit becomes effective", while the Swiss bank UBS has acknowledged 1,000 of its 5,000 staff could shift, possibly to Frankfurt or Madrid.

United States bank Goldman Sachs will move 1,000 staff from London to Frankfurt as part of a post-Brexit reorganisation that will reduce its City headcount by half, German business daily Handelsblatt reported Thursday.

"We continue to work through all possible implications of the Brexit vote".

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'There remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry. "Now we are now slowing down that decision", Blankfein told Bloomberg TV in Davos." he added.

'As a result, we have not taken any decisions as to what our eventual response will be'.

The company is considering moving as many as 1,000 employees including traders and compliance managers to Frankfurt as the firm shifts operations across the Continent and to NY, the newspaper said.

Multinational banks with a European base in London risk losing the right to do business in the remaining 27 EU countries once Britain has left, as UK-based financial firms may no longer be granted a "passport" to trade within the bloc.

Migration was also a going to be a problem, with British bankers making the move could be "difficult".

As banks have recently said they will move out of London in light of "hard" Brexit, Eduardo Gorab, UK property economist, as Capital Economics said that threat could prove difficult to carry out due to supply conditions in Europe, rent prices, reluctant bankers willing to move due to low income tax and low corporation.

Barclays' chief executive Jes Staley, meanwhile, confirmed the bank's commitment to Britain.

Goldman Sachs stalls plan to move jobs to United Kingdom amid Brexit uncertainty