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CEO shock over Brexit

Friday, June 24, 2016 - 01:56

Chief executives face tough decisions over how to respond to Britain's vote to leave the European Union. Kirsty Basset reports.

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Chief executives around the world are facing tough decisions over what Britain's exit from EU means for their businesses. Many are bracing for disruption in the short - and long term, amid downbeat economic forecasts. (SOUNDBITE)(English) VICKY PRYCE SAYING: "We'll see very little growth in 2016 overall and who knows about 2017." Big swings in sterling will be a headache for some international companies, with a fall in the currency hitting profits in Britain. WPP CEO Martin Sorrell says the uncertainty created by Brexit will slow economic activity. And Deutsche Bank says while it's prepared for the consequences, the vote has produced no winners. (SOUNDBITE) (German) DEUTSCHE BANK CHIEF EXECUTIVE, JOHN CRYAN, SAYING: "This is not a good day for Europe. The consequences will be negative for all sides. Especially as a Briton and as European it hurts me that a lot of my fellow countrymen no longer find the European idea attractive." Others though seemed cautiously optimistic. BP says it doesn't expect to see significant impact Goldman Sachs says it will adapt. And Easyjet is hoping the UK will be able to remain part of the single EU aviation market. Plane builders too hope to keep the fallout to a minimum. (SOUNDBITE)(English) PRESIDENT OF AIRBUS GROUP UK, PAUL KAHN, SAYING: "We need to understand that the impact over the next two years at least is very little because nothing changes with the UK still being in the EU. And then we don't know what "out" looks like but we're going to work very constructively to minimise the impact on our operations because we are very much committed to the UK." But Car manufacturer Ford says it may ultimately have to cut jobs - while British Airways owner IAG warns it won't meet its annual profit target.

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CEO shock over Brexit

Friday, June 24, 2016 - 01:56