Goldman Sachs flies top banker to Paris in post-Brexit relocation

Goldman Sachs has relocated one of its top European investment bankers from London to Paris as part of a shake-up in the group's regional structure following Brexit.

Dirk Lievens, who leads Goldman's financial institutions group for Europe, the Middle East and Africa, moved to Paris in March to be closer to the Wall Street giant's continental European clients, which include banks and insurers, according to the Financial Times.

Lievens has worked at Goldman for around 25 years, mostly in London. The bank confirmed his relocation.

The move comes as the latest in a series of post-Brexit relocations as Goldman and rivals like JPMorgan and Bank of America move teams from London to other European hubs, with Paris emerging as a particular favourite.

Lievens has reportedly joined several other members of Goldman's financial institutions group who have also moved to Paris, while a smaller team remains in London to deal with UK and Middle Eastern banks.

Goldman has also relocated some of its investment bankers working with natural resources firms to its Milan office and bankers dealing with car businesses to Frankfurt.

Elsewhere, Goldman has recently opened an office in Munich for its team handling European technology, media and telecoms firms.

The news comes amid unrest within the continental division. Goldman's then co-head of European investment banking quit in February, after more than two decades with the firm, shortly after he was left off a new senior internal committee.

Goldman traditionally makes most of its money from investment banking, which means it has struggled over the past two years as higher interest rates and geopolitical uncertainty have sent M&A volumes tumbling.

Earlier this month, however, the bank unveiled a 28 per cent surge in profit for the first three months of 2023 that sailed past analysts' estimates, fuelled by a rebound in dealmaking activity.