Goldman Sachs is weighing plans to halve its London staff to 3,000 and transfer key operations to New York and the European continent, particularly Frankfurt.

Goldman Sachs is weighing plans to halve its London staff to 3,000 and transfer key operations to New York and the European continent, particularly Frankfurt, according to Handelsblatt’s financial sources.

Britain’s pending exit from the European Union will likely hamper Goldman’s ability to advise customers on the European continent from London.

Goldman is mulling the transfer of up to 1,000 personnel to Frankfurt, the sources said, where the bank is setting up a new subsidiary, Europe SE, to bring its European operations under one roof.

The people moving to Frankfurt would include traders as well as top managers who are responsible for regulation and compliance, the sources said.

Under the plans, back office personnel would move from London to Warsaw, the sources said, and investment bankers who advise French and Spanish companies would move to those countries.

Personnel in Goldman’s trading business who develop new products as opposed to advising customers would move to the bank’s headquarters in New York, the sources said.