Goldman Sachs doesn’t bankers sneaking off to Paris for the Olympics

Goldman Sachs has its eye on employees who are conveniently planning trips to Paris this summer.
Are self-driving cars safe enough yet? CC Share Subtitles Off
English view video Are self-driving cars safe enough yet?
Bloomberg, citing an email sent to employees last week, reports that the investment bank is requiring any staffers planning trips to the city between July 24 and Aug. 14 to receive approval from its finance department in an effort to prevent the Wall Streeters from sneaking off to catch the Olympic Games.
Advertisement
If they’re not approved, staffers will just have to pay out of their own pocket to make their way to the French capital.
Advertisement
“In line with previous Olympic games, we have asked our people to effectively manage their spend and ensure coordination with firm sponsored events for our clients during the period of the Paris games,” a Goldman spokesperson told Bloomberg.
Advertisement
Goldman did not immediately respond to Quartz’s request for comment.
As part of a post-Brexit reorganization, the New York-based investment bank has been deepening its presence in Paris. Last week, Goldman confirmed it relocated Dirk Lievens, its head European banker, to Paris from London. Lievens told Fortune that the “move is symbolically and strategically important.”
Advertisement
Between one-quarter and one-third of Goldman’s London staff will make the move to Paris in the “medium to long term,” said Lievens, who leads Goldman’s financial institutions group for Europe, the Middle East, and Africa.
The Olympics will be hosted in and around Paris from July 26 to Aug. 11, with 329 games in 32 sports at venues across the metropolitan area. Goldman’s Paris headquarters is located blocks away from the Arc de Triomphe — and it’s not uncommon for major banks, like Goldman, to host client meetings and other business at large sporting tournaments or other important events. The Paris Olympics are expected to draw more than 15 million spectators to the city of 12.4 million inhabitants.
Advertisement
The offices of the Paris 2024 Olympics Committee were raided by French police last year as part of an investigation over embezzlement of public funds and favoritism. This made it the third consecutive summer Olympics to face accusations of corruption. This is the first time the Olympics will be held in Paris in 100 years.