Goldman Sachs Boss Lloyd Blankfein: Brexit Hit Not As Bad As I Thought

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The boss of Goldman Sachs has admitted to making a mistake regarding the immediate effect that Brexit would have on the economy of the United Kingdom, adding that he was surprised there has not “been a more dramatic effect” ever since the result of the referendum in June 2016.

In the past, Lloyd Blankfein has hinted that the City could lose out to its rival cities in the European Union in the wake of the Brexit vote. Lately, however, he admitted: “I’m at least wrong in the fact I thought there would have been a worse outcome by now.”

Blankfein has taken some potshots at Brexit. Last year he tweeted to his 90,000 followers saying: “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. # Brexit”

Recently, the bank signed a new lease in Frankfurt that offers it the capacity to seat a maximum of 1,000 employees in the German city. The new, larger London office of the bank is scheduled to open in 2019.

Talking to Politico, he stated that the banking giant of Wall Street might not have opted to build the EU hub that is worth £1bn in London if it had known about Brexit.

Blankfein said that while its headquarters in the European Union would stay in London, “we might have made a different decision a few years ago” if only they had known that the United Kingdom was going to leave.

He also warned that just because the US bank is still on the process of building the 6,000-person office that was planned before the vote does not mean that the fallout will not be observed in the City later down the line.

He stated: “There are decisions that are going to be made today that will be different.

“People who might be building buildings four years from now won’t be.”