Goldman boss tells BBC Brexit contingency planning is reaching the point of no return

Brexit

The boss of Goldman Sachs has warned that the US bank's contingency planning is reaching the point of no return.

BBC News reports that the bank's chief executive, Lloyd Blankfein, told the BBC some steps already taken to deal with Brexit were now very unlikely to be reversed.

At some point the steps are "not going to be undone", Blankfein said.

For example, some contracts between Goldman Sachs UK and EU clients have been redrawn, or "repapered", to apply to Goldman Sachs Germany.

"Once we start to repaper - which is very cumbersome because it involves lots of lawyers on both sides and takes months - once we start that are we going to go back? Probably not," Blankfein told the BBC at the World Economic Forum in Davos.

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