Goldman Sachs leases Frankfurt offices as bank prepares to move jobs out of UK ahead of Brexit

Goldman Sachs has signed a lease on offices in a Frankfurt skyscraper as it prepares to move jobs out of the UK ahead of Brexit.

The US investment bank, which employs about 6,000 people in London, is to let the upper floors of the Marienturm tower, a 38-storey building under construction in the heart of the German city's business district.

The company announced earlier this year it was to relocate workers as part of "contingency plans" for the UK's departure from the European Union.

The bank will rent 10,000 square metres across eight floors of the Frankfurt tower, enough office space for about 1,000 workers.

"This expanded office space will allow us to grow our operations in Germany to continue serving our clients, as well as provide us with the space to execute on our Brexit contingency plan as needed,” said a Goldman Sachs spokesman.

The bulk of the bank’s European operations are currently in Britain, though it also has offices in Frankfurt, Paris and Dublin.

Richard Gnodde, chief executive of the company’s European arm, has said the bank would begin shifting “hundreds” of UK jobs to Germany and France next year.

More could follow depending on the terms of the Britain’s exit from the EU.

“What our eventual footprint will look like will depend on the outcome of negotiations and what we are obliged to do because of them,” said Mr Gnodde in April.

Several other big banks are preparing to shift operation away from the UK, with experts warning of an exodus of financial jobs from the City.

Deustche Bank said it could relocated up to 4,000 jobs – nearly half its UK workforce – to Frankfurt and other European cities.

JP Morgan has bought a new office building in Dublin as it prepares to double its 500 staff in the Irish capital, while HSBC, Morgan Stanley, Lloyd's and Citigroup are also set to move employees.

Brexit could cost the UK as many as 30,000 financial jobs in total, according to Brussels economic think tank Brugel.