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Goldman Sachs warns of possible restructuring of UK operations

Staff Writer |
Investment bank Goldman Sachs has expressed concerns that it may have to restructure its business in Britain after the country's decision to leave the European Union in June.

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Goldman made the remarks in a U.S. regulatory filing, the most concrete sign that one of Wall Street's biggest players could be directly affected by the landmark referendum vote.

The bank, which employs around 5,500 people in the UK, said that the result of the referendum and its subsequent knock-on effects "may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure".

In the filing, the investment banking giant said Brexit will "likely change the arrangements by which UK firms are able to provide services in the European Union".

Other Wall Street banks have also given indications that the fallout from Brexit will affect their operations, including the likes of JP Morgan, whose chief executive Jamie Dimon told an Italian newspaper last month that it may "have to move some thousands of employees to other branches in the eurozone".

"The framework of the UK's engagement with the EU, including trade agreements, will be negotiated over a period of years. For the moment, we will continue to serve our clients as usual, and our operating model in the UK remains the same," Dimon told staff in a memo.

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