Goldman Sachs CEO Lloyd Blankfein: Our Brexit plans will soon reach the point of no return

Goldman Sachs’ outspoken chief executive has warned the lender’s preparations for Brexit will soon reach a point where things “are not going to be undone”.

In an interview with the BBC during the World Economic Forum in Davos, Lloyd Blankfein said Goldman has put measures in place to mitigate against a so-called hard Brexit.

“We’ve rented, I think, 10 floors in a new building in Frankfurt because we think we’ll have to have that many people there. Will we? I don’t know. But we have no choice but to start [taking] space, building out the space.

“Will it ultimately prove necessary to have done those things? I’m not sure. But we can’t get that all done at the last minute.”

He added that the preparations are likely to reach a tipping point where Goldman must push ahead with its plans.

“There’s [will not be] one moment where it’s all or nothing, but every month incremental steps are being taken, and at some point we’re going to do things that are not going to be undone,” he said.

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Blankfein has been famously vocal on the subject of Brexit in recent months, describing Brexit as a “monumental and irreversible” decision, and tweeting about Goldman’s new headquarters in London in October.

In London. GS still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, but so much outside our control.#Brexit pic.twitter.com/XwrIcqwM1t— Lloyd Blankfein (@lloydblankfein) October 30, 2017

In November he told French newspaper Le Figaro the lender will have hubs in both Paris and Frankfurt after Brexit. On Twitter, he added:

Struck by the positive energy here in Paris. Strong govt and biz leaders are committed to economic reform and are well thru the first steps. And the food’s good too!— Lloyd Blankfein (@lloydblankfein) November 14, 2017

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