Goldman Sachs has warned Brexit might force it to restructure

Emma Haslett
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Goldman said Brexit could force it to restructure some of its operations (Source: Getty)

Bank of England hysteria aside, the fallout from the Brexit vote has been seen by many as relatively minimal.

But now Goldman Sachs has added its voice to the doom-mongers, admitting it may be forced to restructure "certain of our operations" if the outcome of Brexit negotiations isn't to its liking.

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

"[This] may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure."

It added both the timing and the outcome of negotiations between the UK and EU are "highly uncertain".

Goldman Sachs said: "Such uncertainty has resulted in, and may continue to result in, market volatility and negatively impact the confidence of investors and clients."

Although lenders have been shy about admitting how Brexit is likely to affect them, this morning RBS became the FTSE 100's biggest faller after it reported a £2bn loss and warned Brexit is likely to hit earnings in the medium term.

Morgan Stanley chief executive has also spoken out, saying the bank's headquarters may move out of the UK.

However, the bank has denied a rumour it already had plans underway to move 2,000 investment banking jobs out of London, to either Dublin or Frankfurt.

Earlier this week HSBC said it was taking a cautious but calm approach following the EU referendum, despite the fact it had previously hinted it could move 1,000 jobs to Paris in the event of a Brexit.

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