Lloyd Blankfein, the Chair of Goldman Sachs, has backed down from his initial doom-and-gloom assessments of Brexit.
The outspoken banking boss has said that the impact of Brexit has not been as bad as he had expected it to be.
Speaking to Politico Europe, Mr Blankfein said:
“I’m at least wrong in the fact that I would have thought there would have been a worse outcome by now…There might be a lag effect to this, or it may not happen, but I would say so far what’s evident is we would have thought that decision making would have been altered by now, it would have been felt more than it has by now. The UK economy has surprised to the upside, it’s slower than Europe but not by that much.”
Goldman’s European headquarter is in London, where the bank is currently building a new base, worth over £1bn and set to open in 2019. Its expected that the new London-base will remain the company’s European centre. Mr Blankfein went on to say that there were “a lot of reasons” to follow through on the construction of the new site.
#Brexit decision belongs to UK citizens, and I’m not one. But GS built its Euro biz in the UK on certain assumptions, pays taxes and employs thousands of UK citizens concerned about the economy and their futures. On their behalf, at least, I have to be interested in the outcome. https://t.co/CteE8Kjayo
— Lloyd Blankfein (@lloydblankfein) December 17, 2017
Mr Blankfein has been an outspoken critic of Britain’s decision to extract itself from the European Union. He has not shied away from doom-and-gloom predictions about the end of London’s financial dominance.
The new office, which is being built just off Farringdon Street and near its Peterborough Court headquarters, is expected to be about nine storeys high when it is ready to house staff next year, though it has kept the option of letting out any remaining space to other tenants.