Goldman Sachs is in the process of restructuring its business so as to continue its operations in EU and Britain and service its clientele.
In a significant development, the Goldman Sachs Group has disclosed that Britain’s historic decision to leave the European Union is likely to have an adverse impact on parts of its EU operations. It will now have to restructure some of its businesses.
Also in the event that Britain is unable or can only partly provide services to the EU, the way the bank conducts its operations in the EU is likely to be affected, said the bank in a regulatory filing.
Goldman has however not broken down its exposure to either the UK or EU.
Moreover, Goldman Sachs has also raised the upper limit of its estimated legal losses that could occur to $2 billion from $1.9 billion from the previous quarter.
Similarly, in this week, Bank of America Corp has also disclosed that its business and thus its results could be adversely impacted by Britain’s shocking decision. It has further disclosed that it may incur additional costs in the event that its UK based entities find themselves on the short end of the rope to conduct business in the EU.
JP Morgan and Chase has however disclosed that Brexit will not adversely impact its business units nor hamper its ability to serve its clients in the UK or EU.
Similarly, Citigroup Inc has also reported that it does not foresee any negative impact on its results or its inability to service its clientele as a result of Brexit.
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