Brexit: the impact on business
Some have warned of earnings hits, possible headquarters moves, or cost cuts linked to the referendum, while others have put deals on hold
The UK's vote to leave the European Union has buffeted companies in Britain and beyond. Some have warned of earnings hits, possible headquarters moves, or cost cuts linked to the referendum, while others have put deals on hold. A few have reported possible benefits, too
International Consolidated Airlines Group SA
LOWERED PROFITS
The owner of British Airways lowered its profits forecast to a low double-digit percentage increase, down from the 40 per cent increase predicted before the referendum.
Delta Air Lines
CUT CAPACITY
Delta Air Lines, the US carrier plans to cut capacity on routes to the UK due to the drop in the pound and economic uncertainty, the company said in a statement.
Lloyds Banking Group
JOB CUTS
The bank has announced it will cut a further 3,000 jobs as it warned Britain's vote to leave the European Union would hurt its ability to boost dividend payments.
Burberry Group
INVESTMENT FREEZE
Plans for a new weaving facility in the UK have been put on hold, said the British luxury-goods maker's chairman, Sir John Peace, after the company's annual meeting. The development is still "on track'' for a 2019 completion.
JPMorgan Chase & Co
RELOCATE JOBS
Chief Executive Officer Jamie Dimon has warned that the US banking giants may have to relocate ''a few thousand'' jobs from the UK to offices in the euro zone if it fails to secure continued use of ''passporting.''
Airbus Group SE
REASSESSING LOCATION
The European passenger jet maker makes wings for its aircraft in the UK. "This is a lose-lose result for both - Britain and Europe," Chief Executive Officer Thomas Enders said. "We will review our UK investment strategy, like everybody else will."
Ford Motor
REASSESSING LOCATION
The US automaker, which employs about 14,000 people at two engine factories and a transmission plant in the UK, has said it will "take whatever action is needed" to keep its European operations competitive.
Siemens AG
INVESTMENT FREEZE
The German engineering company will freeze new investment in wind power in the UK until it has more clarity on the UK's future trade relationship with the European Union, a spokeswoman for the company said.
Tata Steel
REASSESSING DEAL
The Indian steel company has temporarily halted the sale of its UK assets after many of the shortlisted bidders pulled out, people with knowledge of the matter said.
London Stock Exchange Group
REASSESSING DEAL
Brexit clouds prospects for the merger with Deutshe Boerse AG as under existing plans, the combined entity would be headquartered in London, outside the EU.
Qatar Airways
POSSIBLE ACQUISITION
The Doha-based carrier is considering increasing its stake in British Airways owner IAG SA after the UK-based company lost a third of its market value after the Brexit vote, according to people familiar with the matter.
GlaxoSmithKline
SALES BOOST
The weak pound boosted sales and profit in the latest quarter at the drug maker, which plans to invest 275 million pounds ($360 million) to increase capacity at three UK manufacturing sites.
L'Oreal SA
REASSESSING LOCATION
Paris-based cosmetics company has postponed plans to lease 150,000 square feet of space as its London headquarters for at least three months. The company is waiting to see if landlords will offer lower rents, a person familiar with the situation said.
Vodafone Group
REASSESSING LOCATION
The mobile network operator said it would consider moving its headquarters outside the UK unless the government negotiates continued access to the EU's single market and workers. It said it was already beefing up its lobbying staff in Brussels.
International Consolidated Airlines Group SA
LOWERED PROFITS
The owner of British Airways lowered its profits forecast to a low double-digit percentage increase, down from the 40 per cent increase predicted before the referendum.
Delta Air Lines
CUT CAPACITY
Delta Air Lines, the US carrier plans to cut capacity on routes to the UK due to the drop in the pound and economic uncertainty, the company said in a statement.
Lloyds Banking Group
JOB CUTS
The bank has announced it will cut a further 3,000 jobs as it warned Britain's vote to leave the European Union would hurt its ability to boost dividend payments.
Burberry Group
INVESTMENT FREEZE
Plans for a new weaving facility in the UK have been put on hold, said the British luxury-goods maker's chairman, Sir John Peace, after the company's annual meeting. The development is still "on track'' for a 2019 completion.
JPMorgan Chase & Co
RELOCATE JOBS
Chief Executive Officer Jamie Dimon has warned that the US banking giants may have to relocate ''a few thousand'' jobs from the UK to offices in the euro zone if it fails to secure continued use of ''passporting.''
Airbus Group SE
REASSESSING LOCATION
The European passenger jet maker makes wings for its aircraft in the UK. "This is a lose-lose result for both - Britain and Europe," Chief Executive Officer Thomas Enders said. "We will review our UK investment strategy, like everybody else will."
Ford Motor
REASSESSING LOCATION
The US automaker, which employs about 14,000 people at two engine factories and a transmission plant in the UK, has said it will "take whatever action is needed" to keep its European operations competitive.
Siemens AG
INVESTMENT FREEZE
The German engineering company will freeze new investment in wind power in the UK until it has more clarity on the UK's future trade relationship with the European Union, a spokeswoman for the company said.
Tata Steel
REASSESSING DEAL
The Indian steel company has temporarily halted the sale of its UK assets after many of the shortlisted bidders pulled out, people with knowledge of the matter said.
London Stock Exchange Group
REASSESSING DEAL
Brexit clouds prospects for the merger with Deutshe Boerse AG as under existing plans, the combined entity would be headquartered in London, outside the EU.
Qatar Airways
POSSIBLE ACQUISITION
The Doha-based carrier is considering increasing its stake in British Airways owner IAG SA after the UK-based company lost a third of its market value after the Brexit vote, according to people familiar with the matter.
GlaxoSmithKline
SALES BOOST
The weak pound boosted sales and profit in the latest quarter at the drug maker, which plans to invest 275 million pounds ($360 million) to increase capacity at three UK manufacturing sites.
L'Oreal SA
REASSESSING LOCATION
Paris-based cosmetics company has postponed plans to lease 150,000 square feet of space as its London headquarters for at least three months. The company is waiting to see if landlords will offer lower rents, a person familiar with the situation said.
Vodafone Group
REASSESSING LOCATION
The mobile network operator said it would consider moving its headquarters outside the UK unless the government negotiates continued access to the EU's single market and workers. It said it was already beefing up its lobbying staff in Brussels.
This is an evolving list. For more, log on to www.bloomberg.com/graphics/2016-brexit-companies-tracker/