Brexit has left City of London’s reputation at risk, Goldman Sachs chief warns
London’s status as financial hub ‘fragile’, warns Goldman Sachs boss
- David Solomon, Goldman Sachs' chairman and chief executive, has warned that London's status as a global financial hub is "fragile" due to Brexit.
- He said that Goldman Sachs is diverting staff from London to rival European cities such as Frankfurt and Munich, noting a significant increase in personnel in Paris.
- Mr Solomon said that financial talent is now more mobile and firms like Goldman Sachs are establishing larger offices across various European locations.
- He cautioned Chancellor Rachel Reeves against further tax hikes, particularly on the wealthy, suggesting such policies could deter talent and harm the UK economy.
- Home Office Minister Seema Malhotra attributed damage to Britain's economic reputation and investor confidence to the premiership of Liz Truss.