As the Brexit clock continues ticking, banks are continuing to make quiet preparations for the day when they may have to locate some of their activities in continental Europe.
Goldman Sachs, for example, just moved Thomas Degn-Petersen to Frankfurt as a managing director and the head of the “Federation” (its middle and back office activities) in Germany.
A German-speaking Dane, Petersen joined Goldman as an analyst in 1997 and was made an MD in 2009. Before arriving in Frankfurt last month he spent nearly four years working for Goldman in India, where he was co-head of controllers and global head of shared services.
Petersen is unlikely to be as busy hiring in Frankfurt as in Bangalore, but his arrival reflects Goldman’s commitment to the German city.
The firm reportedly alerted around 12 London sales and trading staff of their impending move to Frankfurt in February. and Joerg Kukies, the then-head of Goldman’s German office who subsequently left to become Germany’s deputy finance minister, said in March that the firm was starting to “build infrastructure” and move senior people. Last October, Goldman leased additional office space in Frankfurt in preparation for Brexit-related expansion there. Goldman Sachs currently has 17 vacancies in Frankfurt, most of them in the middle office.