Must-Read: Aimee Donnellan: Hard Brexit to cost 2,000 Goldman jobs

Must-Read: Aimee Donnellan: Hard Brexit to cost 2,000 Goldman Jobs: Wall Street giant to shift third of City staff if single market access is lost…

…The Wall Street giant will switch nearly one in three of its bankers to rival European cities if Britain loses preferential access to the single market…. In an open letter this weekend, the CBI and the EEF, which represents manufacturers, said the government should prioritise free trade in its divorce talks with the EU, which begin in March. Carolyn Fairbairn, director general of the CBI, urged the government to rule out the “worst aspects” of a hard break….

Theresa May sent shock waves through global markets last week when she suggested that Britain was heading for a clean break with Europe… signalled that controlling immigration would take precedence over access to the single market…. “US banks are suggesting about 20%-30% of their workforce will go in the event of a hard exit. That number is about right for Goldman Sachs,” said a City source…. A hard Brexit, with a loss of passporting rights, could cut tax revenues by £10bn and cost up to 71,000 jobs, according to consultancy Oliver Wyman…