Goldman Sachs has said the UK's vote to leave the EU could force it to "restructure" some of its UK operations, in one of the clearest signs from a major Wall Street institution that is preparing specific measures following the landmark vote.
In a US regulatory filing on Thursday, Goldman — which employs about 5,500 people in the UK — said the Brexit decision "may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure certain of our operations".
A New York-based spokesman declined to comment on what form the restructuring might take or how advanced planning was at the bank, which recently hired former EU chief José Manuel Barroso as chairman of its London-based subsidiary.
However, its 10-Q regulatory filing was more specific than that of Morgan Stanley, which acknowledged that while there were "several alternative models of relationship that the UK might seek to negotiate with the EU", it would "continue to evaluate various courses of action".
Before the EU referendum, Morgan Stanley had warned that 1,000 of its London jobs could be relocated in the event of a vote to leave, although it later denied it had plans to move staff to Dublin or Frankfurt.
Most banks have been working on the basis that Brexit means their London operations will lose the EU "passports" that they use to do business across the 28-country bloc, but this will not be confirmed until years-long negotiations between Downing Street and Brussels are completed.