Goldman Sachs has leased more office space in Frankfurt as it prepares to move jobs out of the UK in response to Brexit.
The newly leased 10,000 square metres of space across eight floors will accommodate 1,000 employees. The banking group currently employs 200 staff in Frankfurt.
Following the Brexit referendum last year, the bank warned that it may restructure its UK operations, where it has a workforce of 6,500.
“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,” a bank spokesman said.
Several major banking groups including Citigroup, Deutsche Bank, Morgan Stanley, and Standard Chartered have already decided to base their EU operations in Frankfurt in response to Brexit.