City ‘will stall’ over Brexit risk?

Goldman Sachs boss: City ‘will stall’ over Brexit risk

The chief executive of the world’s second largest investment bank has warned that London “will stall” because of the risks from the Brexit process. 

Lloyd Blankfein said that his firm, Goldman Sachs, which employs 6,500 people in the UK, had “contingency plans” to move people depending on the outcome of the negotiations.

Mr Blankfein said he hoped the bank would not have to trigger the plans.

He wants to keep as much of its activities in the UK as possible.

In an interview with the BBC, Mr Blankfein revealed the firm had held discussions with different cities across Europe and had looked at increasing office space in a number of locations, thought to include Frankfurt, the financial capital of Germany, and Dublin.

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Source: BBC News, 7 May 2017, from http://www.bbc.co.uk/news/business-39812120

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