Brexit has left City of London’s reputation at risk, Goldman Sachs chief warns
London’s status as a global financial center was left “fragile ı by Brexit, the boss of Goldman Sachs.
David Solomon, the president and general manager of the bank, said that he directed staff to rival cities such as Paris, Frankfurt and Munich from London.
Speaking with Sky’s Master Investor Podcast with Wilfred FrostHe said: “The financial industry is still directed by talent and capital formation, and these things are much more active than 25 years ago.
“London continues to be an important financial center. But due to Brexit, because of the way of development of the world, the more centered ability is more active.
“There are more people on the continent as a company.”
Detailing the Bank’s Shift in Focus from London to Orther Europe Cities, Mr Solomon Said: “IF You Go Back, You Know, Ten Years ago, I Think We Probably Had 80 People in Paris. You’re in Europe, You Can Live in London, You Can Live in Paris, You Can Live in Germany, In Frankfurt Or Munich, You Can Live In Italy, You Can Live in Switzerland.
“And you know, we have real offices. You just have to admit that your talent is more active.”
Goldman Sachs has about 6,000 employees in the UK.
Solomon also warned Rachel Reeves against more tax growth in beings, especially in the beings who can see that bank staff were separated from the UK.
In the calling for a proportion tax in the chancellor, Mrs. Reeves searched for ways to raise billions in his budget in this autumn, Solomon warned: “If you do not set a policy that protects the abilities and encourages capital formation, I think you have risked it over time.
“Incentives are important if you create tax policy or incentives that remove people, and harm your economy.”
The bank chief, in front of his budget, said that he was “sympathy ve for chancellor and focused on economic growth.
“And now we should see the steps of action that really follow and encourage it,” he added.
Interior Minister Seema Malhotra accused former Prime Minister Liz Truss for weakening England as a place to do business.
Malhotra told Sky News: “Since we arrived at the government last year, we have seen a sense of urgency from the Treasury, and we have seen for more than 14 years, but recently Liz Truss Premiership, damage to our economy, damage to investors.
“And what I see when we are in the government… It is a government that focuses on how we rebuild our economy, and at the same time how we work with our financial services with our London city, because a jewel in the crown for England,
“And with the joint work of our Chancellor and our government, once again with the British industry, I believe that we will see that this trust has been recovered.”
