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Brexit will also likely change arrangements by which firms in
the United Kingdom are able to provide services in the EU, which
may adversely affect the way the bank conducts certain
operations, the bank said in regulatory filing.
Goldman, which did not break down its exposure to the EU or the
UK, said the timing and outcome of Brexit negotiations were
highly uncertain. (http://bit.ly/2aCkUzz)
The bank also raised the upper end of its estimate of legal
losses it may face beyond what it has set aside to $2 billion
from the $1.9 billion it estimated in the preceding quarter.
In other filings this week, Bank of America Corp <BAC.N> also
said its businesses and results could be adversely affected by
Brexit and that it may incur additional costs if its UK entities
found that their ability to conduct business in the bloc was
limited.
However, JPMorgan Chase & Co <JPM.N> said it did not believe
that any likely scenario from Brexit would threaten the
viability of its business units or its ability to serve clients
in the EU and the UK.
Citigroup Inc <C.N> said it had not experienced any significant
negative impact on its results or client activity as a result of
Brexit.
(Reporting by Sruthi Shankar and Ankur Banerjee in Bengaluru;
Editing by Ted Kerr)
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