This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Seaward, Global Head of Corporate Communications here at the firm.

Today we'll be talking about the post Brexit business environment in Europe with Dennis Coleman,

who's co-head of the Global Financing Group in our Investment Banking Division.

Dennis, welcome to the program.

Thanks for having me.

So let's start with Brexit.

It finally happened after years of waiting.

What's been the reaction in the business community across Europe so far?

I'd say the biggest reaction at this point in the developments of the Brexit situation is really relief.

We've been living with multiple years of significant uncertainty, not knowing whether it would happen or not

on what basis and when and a lot of work and preparation has gone into this ultimate decision.

Now we know that Brexit will occur, but exactly how it will

occur and what will unfold from here remains actually a bit of uncertainty for our clients.

So as clients are thinking about the future, give me an example of how a client might be thinking about financing differently in the wake of Brexit.

Sure. So, you know, leading up to Brexit, obviously an environment of uncertainty you had people perhaps pausing or reconsidering how

aggressively they were interested in making a particular investment that would have an exposure

to the UK economy or to certain types of businesses which have a supply chain linkage.

You can think of big industries like autos, where there's a structural relationship between

the countries and the continental Europe and the UK and you know

depending on what the result is in terms of the trade agreement there remains some

uncertainty in the sort of efficiency of supply chain and pricing mechanisms is still something that people have to think

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