Investment banks are shifting more rainmakers out of London to financial centres across the European Union, accelerating the pace of moves after the pandemic and uncertainty over Britain's access to the bloc slowed relocations.
are among those moving senior bankers, according to sources at the lenders, as European regulators push banks to better staff their EU offices and travel restrictions ease. Local hiring has also increased.
Morgan Stanley will add 50 staff to its 150-strong Paris office by end-2021 and plans to double in size by 2024 through a mix of relocations and local hiring as it expands its central Parisian hub, Goldstein said. Goldman Sachs' head of European corporate and sovereign derivatives, Alessandro Dusi, has moved to Milan, where overall headcount has swelled to about 60 from 20 in 2017, a person familiar with the matter told Reuters. In its Madrid office, Goldman now has 60 staff, double pre-Brexit levels, a second source close to the bank said.
The European Central Bank's bank supervisor, Andrea Enria, this month said that he understood the pandemic had slowed down relocations and the ECB's objective was not "to put people in chains and move them to Frankfurt". Other cities including Milan, Madrid and Amsterdam are also luring senior figures as banks give employees more leeway about where to work.
Morgan Stanley's Goldstein said there was "a new found attractiveness" for working in France today, pointing to a more pro-business climate under President Emmanuel Macron.
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