Goldman Sachs to need staff to wear masks from Monday

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Bankers returning on Monday to Goldman Sachs’ £1bn London head office are going to be required to wear masks within the building despite the easing of state rules.

However, unlike some competitors, Goldman won’t require staff to be vaccinated to return to work.

It hopes 70% of UK staff will return to the office within the coming weeks.

The boss of Goldman Sachs International Richard Gnodde said the corporate remained as committed to its London head office as ever.

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Financial services may be an asset within the UK economy and contribute 12% of all taxes paid within the UK.

Since the Brexit vote, quite £1tn of customer and company money, trillions more in transaction volumes and an estimated 8,000 jobs have left the capital. This has left some questioning whether that crown was in peril of slipping.

On the day real royalty within the shape of Charles visited Goldman’s offices, Mr Gnodde told the BBC that the longer term for London remains bright.

‘New opportunities’
“We put this building in situ through the Brexit period and it really underscores our confidence that London will remain one among the world’s leading financial centres,” Mr Gnodde said.

“There has been some movement of assets. So you recognize, that has gone. And our access to the ECU market isn’t as free because it wont to be. we’ve to create and make new opportunities.”
But there was also a thinly disguised warning. Creating those opportunities will need the assistance of the govt and regulators to stay London competitive with other international centres.

Mr Gnodde thinks that lessons are often learnt from the large bank deregulation of monetary services in 1985.

“The UK was unambiguously supportive of monetary services – it had been crystal clear. i actually want to worry now – certainty – in terms of support for business is completely key.

“And it’s to be consistent. you cannot support business on Monday and Tuesday, then criticise it on a Wednesday and Thursday… which sends a confusing message. Certainty is critical.”

‘Cut bureaucracy’
When City bosses mention competitiveness, it’s often code for lighter regulation. Outside the EU, many have involved a bonfire of regulation. If Mr Gnodde had the match which bits would he burn?

“Eliminate duplication and unnecessary excessive reporting. Let’s do what we’ve to try to do to possess effective regulation. But let’s cut out a number of the bureaucratic elements to enable firms to use their capital resources efficiently.”
Doing more business with the fastest-growing parts of the world means grappling with the economic might of China. How complicated could that be when Chinese firms are being booted out of telecoms infrastructure, democracy in Hong Kong is under assault and China is facing allegations of using forced labour of the Uyghur population?

“I think this is often a multifaceted relationship,” he answered.

“I think our relationship with China, in some ways, is going to be as a partner. If we’re getting to tackle global climate change, we’re getting to need to do that together. We survive an equivalent planet. they’re going to be a customer and a client of many of our businesses. then absolutely, we should always have the proper appropriate conversations on the political sphere within the areas where we compete.”

It’s a big world out there with many opportunities – and while Mr Gnodde accepts the united kingdom outside the EU is arguably a smaller fish, that’s not necessarily a bad thing.

“Sometimes being a smaller fish is a plus. Your level of paranoia goes up – you would like to manoeuvre to innovate, to create. Look over the last century and therefore the issues that this country has been through and we’re absolutely confident that the people of England will take it forward again.”

Statements like this will make certain to assist mend a sometimes fractious relationship between the town and therefore the government over the past few years.

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