Barclays CEO Jes Staley on Brexit

The transcript discusses the potential impacts of Brexit, particularly a hard Brexit, on the UK economy and financial markets. It highlights predictions of GDP reduction and currency devaluation. The CEO of a major bank explains their preparations for a hard Brexit, including expanding operations in Ireland and setting up contingency plans. The bank is focused on risk management and ensuring continuity in services across Europe and the UK, despite potential disruptions in trade and agriculture.

What are the predicted economic consequences of a hard Brexit according to the transcript?

• Stability in GDP and currency value

• 8% reduction in GDP and 25% reduction of the pound

• Increase in GDP and strengthening of the pound

• 10% increase in GDP and 15% increase in the pound

How has the bank prepared for a potential hard Brexit?

• By closing all European branches

• By expanding its subsidiary in Ireland

• By reducing its workforce in the UK

• By increasing investments in the UK

What is the bank's strategy to ensure continuity of services in the event of a hard Brexit?

• Converting European branches to Dublin branches

• Reducing services offered in Europe

• Establishing new branches in Asia

• Moving all operations to the UK

What is one of the major concerns for the bank regarding a hard Brexit?

• Disruption in the supply chain for UK businesses

• Complete shutdown of UK operations

• Loss of all European clients

• Increased tariffs on UK exports

How does the bank plan to support the UK economy during a hard Brexit?

• By providing credit to the agricultural sector

• By increasing interest rates

• By withdrawing all investments

• By closing all UK branches