>> After Britain triggers Brexit next week, it'll take two years to negotiate. But Goldman Sachs will not be hanging around. The Wall Street firm has a contingency plan, moving hundreds of its staff out of London before any deal is struck. It's no shock decision. Financial firms warned of exactly this before June's referendum.
And many have spent the months since figuring out exactly how to do it. But more details are emerging, ever since Britain's Prime Minister, Theresa May announced Britain would leave the European single market.>> So we do not seek membership of the single market.>> Quashing any hopes banks had of keeping their passporting rights and continue selling services across the channel from London.
Britain is Goldman's European hub with 6,000 employees. But where now? The company already has banking licenses in France and Germany and existing offices in several European cities. First step, expand those, invest in more infrastructure, start hiring inside Europe, and move people from London. All this in the next 18 months to be up and running by the time Britain leaves the EU.