06.24.2016
By John D'Antona Editor, Traders Magazine

Goldman Sachs CEO Lloyd Blankfein Brexit Memo Sent to Staff

06.24.2016 By John D'Antona Editor, Traders Magazine

(This article originally appeared on Business Insider)

Goldman Sachs CEO Lloyd Blankfein has told his staff there is “no immediate change to the way we conduct our business” following Britain’s historic vote on Thursday to leave the European Union.

In an internal memo to employees seen by Business Insider, Blankfein and chief operating officer Gary Cohn said the firm would work with the relevant authorities as the terms of the outcome become clear.

The bank has about 6,000 employees based in London.

In a separate statement, Blankfein said:

“We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs.”

Here is the internal memo:

June 24, 2016

UK Referendum on EU Membership

As you may have seen by now, the British people have voted to leave the European Union, and we respect this outcome. We have had a strong team focused on this potential result for many months. There is no immediate change to the way we conduct our business. A process of negotiating the terms of the exit will now begin, and is expected to take a considerable period of time. Goldman Sachs has a long history of adapting to change, and we will work with the relevant authorities as the terms of the exit become clear. We are committed to our people and our clients, and will work diligently to ensure the best possible outcome. We will continue to communicate with you as relevant information becomes available.

Lloyd C. Blankfein

Gary D. Cohn

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