David Solomon, the new chief executive of Goldman Sachs, has admitted that Brexit could have an effect on its investment plans in the United Kingdom.
Solomon disclosed that while the number of employees in the United Kingdom has been stagnant, the firm has raised its headcount in the European Union, and Brexit could have an impact on the decisions regarding its resources and people.
During an interview with the BBC at the World Economic Forum in Davos, Solomon stated: “If this [Brexit] is resolved in a difficult way, or in a hard way, I do think it’ll have an impact on where we invest in where we put people.”
He added: “All these things ultimately have an impact on the investment decisions and the business decisions that all of us as business leaders make.”
Currently, the company employs 6,000 people in the United Kigndom, however, it has added hundreds of employees to its offices in Paris, Frankfurt, Milan, Madrid, and Stockholm.
A few of the employees in the United Kingdom, less than 50, have also been requested to relocate around Europe.
Despite the on-going tension that is surrounding Brexit and the upcoming exit being a concern for the bank, it is not at the top of its list of worries. The fraught relationship between the two largest economies in the world – China and the United States of America- and their trade war is considered as the main concern for Goldman Sachs.
Solomon stated: “I think the administration has it right. I think there have been imbalances in the way the US and China have dealt with each other, particularly the openness of China’s had with respect to US business.”
He added: “We want to see a level playing field and we want to see our technology and our investment over a long period of time protected.”