James Gorman, CEO of multinational investment bank Morgan Stanley, has dismissed Soros’ claims and pessimistic outlook in an interview with Bloomberg Television in Beijing today.
“Honestly I think that’s ridiculous. I don’t think we’re facing an existential threat at all,” CEO Gorman said on Thursday when asked for his thoughts on Soros’ comments.
“I think this is something which has been playing out for 10 or 15 years and there is essentially, in many countries, a sense that the average performance of the economy is much better than the individual performance of the citizens in that country. That’s what’s given rise to populism, so I don’t think the EU is under threat at all,” he added.
He also said that it’s likely the Federal Reserve will soon hike interest rates in response to changing economic conditions.
The pro-EU businessman also claimed that Brexit is an “immensely damaging process” and estimated that the UK’s withdrawal from the bloc would take around five years.
Soros, who has often been accused of meddling in the internal affairs and democratic processes of independent states, recently funded a campaign by the anti-Brexit Best for Britain group to hinder and prevent Brexit.