[Retired Chairman & CEO of Wells Fargo, Dick Kovacevich, calls for a calm and constructive response to the UK leaving the European Union. If this occurs, any negative economic effects should be relatively minor]
There is a risk of a global recession if politicians don’t respond appropriately to Brexit, former Wells Fargo CEO Dick Kovacevich said Monday.
“If the rhetoric … is one of anger and punishment and retribution, I think people will be so concerned that the actual results will be negative,” he said in an interview with CNBC’s “Closing Bell.”
“It could cause the market to collapse, if you will, or go down much further than they are today.”
Stocks around the world have taken a hit after the U.K. on Thursday voted to leave the European Union. The Dow Jones industrial averageclosed down more than 250 points Monday, its lowest level since mid-March.