Brexit has happened, and the U.K.’s vote to leave the European Union has left Coins2Day 500 companies scrambling to react to the news. Here’s a roundup of the key reactions from the world’s largest corporations:
Banks
J.P. Morgan Chase (JPM):
“J.P. Morgan has 16,000 employees in the U.K. We are extremely proud of the work they do and our long history in the country. Regardless of today’s outcome, we will maintain a large presence in London, Bournemouth and Scotland, serving local clients as we have for more than 150 years.
“…In the months ahead, however, we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world. We will always do our best to take care of our people and do the right thing during times of change.” — CEO Jamie Dimon, JPMorgan Asset Management CEO Mary Erdoes, and Daniel Pinto, JPMorgan’s chief executive for corporate and investment
Morgan Stanley (MS):
“The UK’s vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time. There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment. Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees.”
Goldman Sachs (GS):
“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.” —Lloyd Blankfein, Goldman CEO
Citi (C):
“Citi has been preparing for this potential outcome for many months and we are well positioned to continue to support our clients through this period of uncertainly.”
Financial Services
American Express (AXP):
“I can tell you that we don’t expect yesterday’s vote to have any immediate impact on our business.” — Marina Hoffmann Norville, American Express vice president
Mastercard (MA):
“Despite today’s vote, it’s business as usual for us. There is no operational impact on our payments network in the UK or around the world. We have — and continue to — deliver an efficient way to pay and be paid. Our network continue to operate safely and securely in over 210 countries around the world.”
Energy
BP (a member of the Global 500)
“We respect the decision taken by the British electorate in the EU referendum.
“It is far too early to understand the detailed implications of this decision and uncertainty is never helpful for a business such as ours. However, we do not currently expect it to have a significant impact on BP’s business or investments in the UK and Continental Europe, nor on the location of our HQ or our staff.” —Company statement
Industrials
General Electric (GE):
“Although GE supported the UK remaining in the EU, we respect the decision of the British people and remain firmly committed to the UK and Europe. GE has 22,000 employees in the UK and 100,000 employees in Europe overall that will continue to focus on delivering great outcomes for our customers. We believe in the potential to build a competitive Europe and UK through digital transformation and manufacturing.” Jeffrey R. Immelt, Chairman and CEO, GE.
Manufacturing
Caterpillar (CAT):
“We acknowledge and respect the decision by the British people for the UK to leave the European Union. As a global manufacturer with a large footprint in the UK and across Europe, we call on the British government and its European partners to make all efforts to move forward swiftly to negotiate a new settlement. The UK is an intrinsic part of our European supply chain and we urge all parties to reach an agreement that quickly removes the uncertainty, allows the UK to retain full access to and from the single market and protects the interests of businesses with strong commitments and investments in the UK.
“…Caterpillar remains committed to a competitive presence in the UK and will diligently look at ways to mitigate the impact of the UK’s decision to leave the EU on our valued customers, employees, shareholders and partners in our integrated supply chain.” — Mark Dorsett, Caterpillar UK country manager
Still confused about Brexit? Read Coins2Day‘s Geoffrey Smith on what happens next.
