Goldman Sachs has asked its team to make “adjustments” to events and spending around the Paris Olympics to prevent employees from sneaking off to the games and having their banks collect money.
New York-based Goldman told its employees that any travel to European capitals between July 26 and August 11 must first be approved by its finance department, according to Bloomberg. I was told via email that it was.
The purpose of the email is to cut down on meetings that employees have arranged in France to conveniently coincide with the Olympics, and the bank will likely collect a portion of the corporate travel fees.
A spokesperson for the bank said: “In line with previous Olympics, we have asked our employees to effectively manage spending during the Paris Games and ensure we are coordinating with company-sponsored events on behalf of our clients.” said. luck.
Accommodation rates in the city will also be expensive during the Olympics. In January, consumer interest group UFC-Que Choisir reported that hotels in Paris were cashing in on the sports fever by raising prices to more than $1,000 for the first day.
But like any major sporting event, the Olympics will also be a venue for corporate hospitality. Courtesy of premium sponsor LVMH, guests will be able to enjoy Moët Hennessy wines and more, as Moët Hennessy has reportedly committed €150 million ($166 million) to sponsor the Olympic and Paralympic events. You can expect distilled spirits to flow.
Europe's second most valuable company last year joined a list of premium partners that also includes telecom operator Orange SA, grocer Carrefour SA and energy company EDF.
Although the amount seems high, the companies that have pledged to fund the Summer Olympics claim they will get a return on investment.
Air France belongs to the “Official Partner” tier of sponsorship. CEO Ben Smith said the exposure would help bring in new customers, saying: “This is not a philanthropic act. It's a great way to communicate that, and we think the risk of a negative return on investment is almost zero.”
Similarly, pharmaceutical company Sanofi is estimated to have spent up to 150 million euros ($160 million) on the event to capture the attention of Gen Z and Millennials, and has invested more than 2,000 employees in the event. They are dispatched as volunteers.
The French company, which also supports 14 athletes and coaches from a variety of sports, from basketball to para track and field, said it wanted to use the event to show that it was “cool”.
“The Olympics is an opportunity for us to participate in an event that brings together people from France and all over the world,” said Josep Catra, Sanofi's executive director. luck. “By leveraging the momentum of sport and the Paris 2024 Games, we will make science more inclusive, accessible and meaningful to all, and build a real legacy in line with our purpose. can.”
Goldman's presence in Paris
Goldman may not be spending millions of dollars sponsoring the Olympics, but it's certainly doubling down on its investment in France.
The investment bank last week confirmed that top European banker Dirk Lievens is leaving London for Paris in a further post-Brexit move.
talk to luck Lievens said last week: “My move is of symbolic and strategic importance. Between a quarter and a third of our staff will be based in Paris in the medium to long term.”
Unfortunately for London, Levens' move is just one of many high-profile moves since Britain decided to leave the European Union.
In 2021, JPMorgan announced the opening of a new trading hub in the heart of Paris, with plans to increase the number of employees to around 800 within a year through existing staff, new hires and transfers from the English Channel.
Before Brexit, Bank of America moved hundreds of staff from London to Paris, while Citigroup started building a new trading floor in Paris last year as it plans to double its headcount there. It has been reported.
Paris has attracted 5,500 jobs from London since 2021, local media reported Le MondeBanque de France governor François Villeroy de Galhau went so far as to boast that the city was now “a leading continental financial center post-Brexit”.
