For Goldman Sachs Group Inc. staff looking to set up meetings in Paris to stealthily catch the Olympics — the bank is on to you.
The Wall Street giant has told employees in an email that any trips to the French capital city between July 24 and Aug. 14 must first get approval from its finance department. Managers aim to nix any meetings set up so bankers can attend the plethora of sporting events with the firm picking up part of the tab.
“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 spokesperson for the bank said.
The games — and other high-profile events — often serve as settings for companies to host clients and employees. But they also throw up opportunities for staff angling for junkets, which banks — attuned to keeping a lid on costs — are on watch for.
The Paris Olympics and Paralympics could draw more than 15 million tourists and sports enthusiasts to the French capital this summer, according to the Paris tourism office. The Olympics opening ceremony alone, where teams will parade down the Seine river, barring any security threat, is currently expected to be attended by about 300,000 people.
This article was provided by Bloomberg News.