Goldman Sachs threatens to leave London if Britain leaves EU

Should it transpire, Frankfurt would likely be the winner as it’s slowly becoming the world’s new financial center. Paris only toes the German line.

Invetsment bank could switch European operations to Paris and Frankfurt

Goldman Sachs has said it would move much of its European business out of London if Britain leaves the European Union.

The warning from the world’s most powerful investment bank comes as political pressure for Britain to leave the EU mounts.

David Cameron has committed to holding a referendum on Britain’s membership if the Conservatives win the next election and some Tory MPs have been agitating for an early vote on the matter.

Michael Sherwood, co-chief executive of Goldman Sachs International, said: “In all likelihood we would transfer a substantial part of our European business from London to a eurozone location – the most obvious contenders being Paris and Frankfurt.”

The City of London became the hub for international financial companies as they went global in the late 1980s. The financial sector is supported by a large network of law firms, accountants and other support services that employ millions.

Full article: Goldman Sachs threatens to leave London if Britain leaves EU (The Guardian)

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