Goldman Sachs is reportedly shifting some of its euro swaps trading desk to Milan from London.
According to Bloomberg, the Wall Street bank is relocating staff as it bolsters European offices in the wake of the UK’s departure from the European Union.
Citing people familiar with the matter, Bloomberg said staff will likely move early next year and the bank will also be hiring staff locally.
Bloomberg said a spokesman for Goldman declined to provide details or numbers of people being moved while the relocations are being finalised. The firm currently has around 80 employees in Milan.
Some of the world’s biggest banks are under pressure to move more traders from London to EU cities such as Paris and Frankfurt.
The European Central Bank said earlier this year that lenders who set up units in the eurozone are still too dependent on operations outside the region, and found that about a fifth of the trading desks it reviewed “warranted targeted supervisory action”.
