Morgan Stanley bank looks to move 2,000 London staff to Dublin or Frankfurt
Remember I said foreign-based businesses were preparing to move out of the UK? It’s starting:
BBC business reporter Joe Lynam reports…
Sources within Morgan Stanley say it has already begun the process of moving about 2,000 of its London-based investment banking staff to Dublin or Frankfurt. And it has a taskforce in place.
The jobs which would be moved from the UK would be in euro clearing but also other investment banking functions and senior management.
The American investment bank needs to avail of the passporting system which allows banks to offer financial services in all countries in the EU without having to establish a permanent base in that member state.
The president of Morgan Stanley, Colm Kelleher, told Bloomberg two days ago that Brexit would be “the most consequential thing that we’ve ever seen since the war”.
Source: Morgan Stanley looks to move 2,000 London staff
ADDITIONAL: There are rumours the bank is not going to move after all:
Let’s just see where Morgan Stanley happens to be when the dust settles, shall we?
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This, I suspect, is just the start, but let’s console ourselves with the thought that soon the country will probably be run by Johnson, Gove, Duncan Smith, with even Farage most likely being “elevated” to the House of Lords, so that he, who continually spouts on about democracy, can fill his unelected boots with power. The nation has taken leave of its collective senses.
If Boris Johnson & Co had one shred of decency they would admit they lied to secure the leave vote and nullify the referendum.
Dublin is the capital of the Republic of Ireland, Mike. It ISN’T in the United Kingdom!
That is the point of the article.
will the irish taker to these banksters or germans has london they get away with their fraudulent trading beware they wont get it so cushy
This has been denied but a careful look at the language they use would be wise for employees. “There are no immediate plans.”
Plans don’t have to be “immediate” to be plans.
HSBC and Goldman Sachs are using similar phraseology.
http://www.independent.co.uk/news/business/news/morgan-stanley-brexit-eu-referendum-jobs-dublin-frankfurt-a7100911.html
Is that ‘most consequential thing since the war’ include their’s and the rest of the ‘banking powerhouses’ destruction of the ‘Wests’ economy through greed, corruption and financial mis-management! Or don’t they mention ‘that’!