Goldman Sachs Group is looking to transfer parts of its euro swaps trading team to Milan from London as the continent gains more prominence on account of Brexit, reported Bloomberg.

The move is part of the bank’s strategy to strengthen its European presence as the UK is preparing to leave the European Union (EU), people privy to the development told the publication.

The bank could shift the team early next year and will hire locally, added two of the people.

A spokesperson for Goldman Sachs refused to give any updates on the matter.

Currently, the American investment banking giant employs nearly 80 people in Milan.

The latest development comes shortly after a Bloomberg report that stated that Goldman Sachs would set up a new office in Munich to further enhance its footprint in Germany.

Meanwhile, several major banks in the world are planning to transfer additional traders from London to various EU locations, including Paris, Frankfurt and Amsterdam.

In May this year, the European Central Bank noted that the lenders with branches in the EU still rely heavily on businesses outside the block.

The bank also revealed that nearly a fifth of the trading desks it studied ‘warranted targeted supervisory action.’

This can be considered as a positive news for Milan and other financial hubs in the EU.

Another global bank JPMorgan Chase currently has approximately 200 employees in Italy and it keeps adding new staffs, told an unnamed person with knowledge of the matter.

In addition, Citigroup has also been recruiting new employees in Italy since 2018 because of Brexit and a wider diversification plan.