Goldman Sachs and JPMorgan Say They’re Assuming a ‘Hard Brexit’
- JPMorgan’s Pinto says he’s preparing for a ‘no deal’ scenario
- Barclays CEO, more upbeat, says capital may keep banks in U.K.
EU Has Stronger Brexit Position, Says JPM's Parker
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Goldman Sachs Group Inc. and JPMorgan Chase & Co. are bracing for a “hard Brexit” as they seek to protect their access to the European Union once Britain leaves the bloc in 2019, according to top executives.
“We are now assuming a hard Brexit with additional conservative assumptions,” Faryar Shirzad, Goldman Sachs’s co-head of government affairs, said Saturday in Washington. “Until we are told otherwise through tangible, meaningful, reliable declarations of some sort then we just have to keep moving forwards” with the most pessimistic contingency plans.