Goldman Sachs will shift jobs away from London while bulking up its European presence by "hundreds of people" as it executes on Brexit contingency plans, the chief executive officer of Goldman Sachs International told CNBC on Tuesday.
Questioned on whether the European expansion would reflect the moving of jobs out of London or the hiring of new personnel on the continent, Richard Gnodde confirmed that the plans would reflect two strategies.
"It'll be a combination of things. We'll hire people inside of Europe itself and there will be some movement," he clarified, explaining that the upcoming period will see investment in infrastructure, people, systems and technology. Goldman Sachs also confirmed that this movement away from London would not necessarily result in a net reduction of workers in the U.K.
"For this first period, this is really the period where we put in place these contingency plans, this in the hundreds of people," said Gnodde, when asked to put numbers to anticipated headcount increases on the continent.