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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