Goldman Sachs’ top executive in London expects UK and European authorities to support financial markets if Britain crashes out of the EU at the end of this month without a withdrawal agreement.
Central banks are ready to pump liquidity into the financial system to limit the economic fallout of a no-deal Brexit, Richard Gnodde, vice chairman and chief executive officer of Goldman Sachs International, said Thursday in an interview with Bloomberg Television.
“I think the governments and the authorities on both sides will be there to support and to minimize the downside,” said Gnodde, who added that the first two weeks after the Oct. 31 deadline will be key. “If those two weeks go well, confidence will build.”
Gnodde was speaking at Goldman Sachs’s new London offices, which cost the New York-based company 1 billion pounds ($1.2 billion). The price tag shows how committed Goldman is to London despite Brexit, according to Gnodde. “We are backing London as a financial center in the long term,” he said. [...]
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