Two Goldman Sachs bankers moved from London to Madrid

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If you're looking for examples of the impact of Brexit in a microcosm - banks quietly sounding out European employees in London about a return home, European employees deciding the best opportunities lie outside of London - it's interesting to note that two former Goldman Sachs Spanish employees in London have just moved to Everwood Capital, a private equity fund in Madrid.

One of them, José Antonio Urquizu Echeverría is a founding partner at Everwood, a small private equity firm focused on the renewables sector and small and medium enterprises (SMEs). A former executive director at Goldman's European special situations group, Urquizu Echeverría moved to Everwood and Madrid at an unspecified point earlier this year (whether pre or post Brexit is unclear).

Juan Martínez García, a colleague and fellow ED at Goldman, also moved to Everwood in September. 

Both men worked in Madrid before joining Goldman to London. Now they've gone back again.

Urquizu Echeverría was previously a director at private equity firm Portobello Capital in Madrid and moved to Goldman Sachs in 2013. Martínez García joined Goldman Sachs in January 2014 from private equity firm Magnum Industrial Partners, where he was an associate.

It may be that both men simply left London, and Goldman Sachs, because the opportunity was right. Nonetheless, their timing is curious.

Headhunters have suggested that investment banks have been sounding out employees informally about a move to the continent, or creating senior roles in other European locations like Frankfurt and Paris. Other banking sources have said that London's decline will be more of a slow deflation than a big bang, with banks slowly moving functions out of the City to cheaper locations and a lot of EU citizens deciding it's just not worth staying in the City anymore.



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