Goldman Sachs is hiring 50 more traders in Paris
Goldman Sachs has occupied its new office at 83 Avenue Marceau Paris. The news was announced yesterday in a flurry of articles on French media and posts on LinkedIn.
Goldman now has nearly 400 people in France, up from only 100 in the pre-Brexit days of 2015. The new office, which encompasses 9,000 m2 over six floors can accommodate 500 people. 100 new hires are possible, and in sales and trading 50 are already planned.
Marc d'Andlau, head of market activities in France told Le Figaro that Goldman plans to add salespeople and traders in Paris over the next 18 months: "We are 150 and will be at least 200 by the end of 2023." Since 2018, d'Andlau said global markets headcount in Paris has increased fivefold. This is mostly thanks to French natives moving from Goldman in London and sometimes Hong Kong, but also due to recruitment from rivals in France, including SocGen, BlackRock and hedge fund Qube Research and Technologies.
In IBD, Goldman's Paris office is the European hub for various banking teams, including FIG, real estate and logistics. It also deals with corporate risk management solutions, asset management and private wealth management. Thierry Sancier, partner and pan-European head of client coverage at Goldman Sachs, told Le Figaro that while the UK remains the key hub for banking in Europe, there has been "a shift in the balance with the very strong rise of the Parisian market."
Pierre Hudry, head of Goldman Sachs in Paris, said the dynamic growth in France reflects the strategic ambition of French corporates, the dynamism of French markets and the attractiveness of Paris as a location. "We're playing an important role in financing French technology companies, with more than $2.5bn of investment via our private equity funds in the sector over a period of five years."
Banks have been adding traders to their European Union hubs as a result of the European Central Bank's so-called 'Desk Mapping Exercise,' which is designed to ensure banks have sufficient people to manage risk on the ground in Europe, instead of simply engaging in back-to-back trades that transfer the risk back to traders in London.
Alongside Hudry and d'Andalau, people to know at Goldman in Paris include Thierry Sancier (head of EMEA investment banking services) and Camille de Lamotte (head of private capital origination). In wealth management, there's also Charles-Louis d’Orléans, the Duke of Chartres.
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