Goldman Sachs is reportedly preparing for a possible Frankfurt move in the wake of the UK referendum vote to leave the EU.
The US investment bank, which has its EMEA headquarters in London, is examining options to be able to maintain EU 'passporting' capablities post-Brexit, including potentially shifting some assets and staff to the German financial capital.
Outside London, Goldman Sach's Frankfurt office is its biggest in Europe, although it also has operations in Paris, Madrid and Milan.
A report from Reuters quotes three people familiar with the matter, one of whom states that 'moving under ECB supervision in Frankfurt is one of the options the bank is considering'.
To qualify for ECB supervsion, the bank would need to increase its euro zone assets to around €30 bn, considerably more than its current holdings. According to filings for 2015, Goldman Sachs in Germany had around €551 mln in assets but overall assets would be significantly higher, taking into account other holdings in Germany and the rest of the euro zone.
The investment bank currently has around $850 bn (€780 bn) of assets in London.
After the UK referendum, a Goldman Sachs spokesman pointed to 'numerous uncertainties' and said the bank was 'working through all possible implications of the Brexit vote'.
The bank is understood to have created a vacant floor in its Frankfurt premises to house additional staff, after reversing plans to return this space to the owner.
