World

Brexit Risk Will Stall London: Goldman Sachs

The chief executive of Goldman Sachs, the world's second largest investment bank, has warned that London "will stall" because of the risks from Britain's exit from the European Union (EU), the media reported on Friday.

Lloyd Blankfein, in an interview with the BBC, said that his US-based firm which employs 6,500 people in the UK, had "contingency plans" to move people depending on the outcome of the negotiations.

"We are talking about the long-term stability of huge economies with hundreds of millions of people and livelihoods at stake and huge gross domestic product," he told the BBC.

Regarding London going into reverse because of the Brexit process, Blankfein said: "I don't think it will totally reverse…It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn't certainty at the moment."

The CEO revealed the firm has also 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, Ireland.

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