...The bulk of Goldman's business activities are conducted within the U.S., which carries a Fitch rating of `AAA'/Stable. Goldman's revenue shares by geography have held relatively steady with the U.S. accounting for roughly 60% of revenues on average over the past six years. The economies in which Goldman operates are relatively strong, predominately within developed markets in the U.S. and Europe. The U.K.'s decision to leave the EU (Brexit) will have an impact on Goldman and the other GTUBs in terms of their staffing and costs. While Goldman, and many of its peers, have various contingency plans in place for Brexit, Fitch expects that a hard Brexit may increase volatility and adversely impact earnings for Goldman and its peers, as well as overall market liquidity. Goldman's German bank subsidiary, Goldman Sachs Bank Europe SE (GSBE), will act as Goldman's main operating subsidiary in the EU. Depending on the outcome of Brexit, GBSE may be significantly expanded in terms of activities, headcount,...
