Goldman Sachs is setting up a research lab in Stockholm with a 'no shoes' policy
- Goldman Sachs is taking new office space in Stockholm, increasing its capacity in the city from 30 staff to 100.
- Stockholm will be home to a new "R&D lab" where securities technologies will be developed and tested.
- The office has a relaxed dress code and a "no outside shoes" policy aimed at attracting developers and techies.
- Some asset management and investment banking roles are also shifting to the Swedish capital.
LONDON - Goldman Sachs is tripling its headcount in Stockholm as part of a push to set up a fintech hub in the region.
Goldman has signed a lease for two floors in a building opposite Stockholm's Grand Hotel. The new 19,000 square foot space can seat up to 100 staff. Goldman currently has 30 employees across two offices in the city.The Financial Times first reported the move and Goldman Sachs confirmed the details to Business Insider.
Goldman plans to make its new Stockholm office into a securities "R&D" lab and the office will have a relaxed dress code to attract developers and techies. The office will run a "no outdoor shoes" policy, with slippers provided.
Goldman acquired Stockholm-based Pantor, a high-performance trading software company, in 2016 and this team forms the basis of the new lab.
Rolf Andersson, who heads up electronic trading technology research and development at Goldman, said in a statement: "The office environment is designed to encourage solutions to complex problems in global markets through research and design. Our engineering lab is a far step from what you'd imagine a trading floor to be like."
The FT highlighted that the new push comes as new European rules mandated that banks should not trade on their own internal trading desk but allowed for lightly regulated high-frequency trading platforms geared towards client business. Pantor's technology has been used as the basis of Goldman's version of this platform.
As well as a financial technology push in Stockholm, Goldman is also moving asset management and investment banking staff to the Swedish capital. The investment bank has been relocating jobs to cities across Europe in response to Brexit, increasing staffing levels in Milan, Frankfurt, and Madrid.Sheila Patel, CEO of International at Goldman Sachs Asset Management, said in a statement: "We are excited to continue to develop our presence in Stockholm and across the Nordic region, where we work with some of the world's most sophisticated investors to invest strategically and responsibly in global markets across asset classes."
Business Insider understands that only a "handful" of asset management and investment banking roles will move to Stockholm for now, with the majority of new roles in fintech. However, the AM and IB headcounts could be increased over time.
Stockholm has emerged as a strong fintech hub in Europe, home to consumer-facing businesses such as iZettle and Trustly, as well as a banking technology companies such as Cinnober and TriOptima and a large Nasdaq office.
Liz Martin, Goldman's head of EMEA execution services, said: "Stockholm is home to some of the world's most talented engineers. Our clients globally demand that we are at the forefront of technological change in the industry, so the platforms we build and test in Stockholm are important to Goldman Sachs."