Brexit transfers: Barclays, Goldman Sachs and Morgan Stanley move senior City dealmakers to the EU

Investment giants Morgan Stanley, Goldman Sachs and Barclays have started to move a range of senior bankers from their offices in Canary Wharf and the City to financial hubs across the EU.

Ongoing uncertainty over the UK’s access to the EU’s financial services market, combined with pandemic damage and pressure from local regulators, has led the banks to shift dealmakers to Milan, Paris, Madrid and other European hubs than initially anticipated, according to Reuters.

Morgan Stanley plans to expand its 150-strong Paris office with 50 bankers before the end of this year and plans to double its size by 2024, Emmanuel Goldstein, Morgan Stanley’s France CEO, told Reuters France this week.

Moreover, JPMorgan will reportedly shift around 200 more staff into the EU from London this year, including traders, bringing total relocations since the 2016 referendum to roughly 400, with the largest number in Paris.


One of Canary Wharf’s most-talked about moves has been Barclays’ head of M&A for Europe and the Middle East, Pier Luigi Colizzi.

He has moved to Milan and will run the region’s deals team from the Italian financial hub. It makes him one of the first regional M&A heads to be based outside of London.

Barclays is currently also expanding its offices in Paris and Frankfurt through a range of local hires, luring senior dealmakers from companies such as BNP Paribas and Greenhill.

Goldman Sachs

Moreover, watchdogs across the EU are also pushing banks to expand their offices across the bloc. A range of banks are reportedly also ramping up efforts to recruit local staff, primarily in Ireland, Germany, France and the Netherlands.

Meanwhile, Alessandro Dusi, Goldman Sachs’ head of European corporate and sovereign derivatives, has also moved to Milan.

The investment giant has reportedly expanded its Milan office from about 20 bankers in 2017 to 60 currently.

The bank’s Madrid office now also counts around 60 finance professionals, twice as many as before Brexit.


One element that pushes banks to move some senior dealmakers to Europe is the requirement for client-facing bankers in London or elsewhere outside the EU to have a local ‘chaperone’ whenever they speak to, or interact with, clients. Moving inside the bloc removes that necessity.

When approached by City A.M. this evening, Barclays and Morgan Stanley were unavailable to comment, while a spokesperson for Goldman Sachs in New York City declined to comment.