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Brexit
Morgan Stanley denies it's moving 2,000 staff to Dublin or Frankfurt
It was reported a move is already underway in the wake of the Brexit referendum.
3.06pm, 24 Jun 2016
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INVESTMENT BANK MORGAN Stanley has denied reports it is already in the process of moving 2,000 of its London-based staff to Dublin or Frankfurt.
The BBC is reporting that the bank has a taskforce in place to facilitate a move in the wake of a Brexit and that the process has already started.
Sources within the bank said the jobs which would be moved from the UK would include senior management as well as those involved in Euro clearing and other investment banking functions.
A spokesman for Morgan Stanley told Reuters the story was not true, but declined to elaborate further.
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PA Wire / Press Association Images
PA Wire / Press Association Images / Press Association Images
In its official response to the UK referendum decision, the investment bank warned that “the UK’s vote to leave the European Union is a very significant decision which will have a considerable impact”.
However, it noted “there will be time to implement any changes required to adjust” its banking business.
In an interview with Bloomberg earlier this week, the president of Morgan Stanley, Colm Kelleher, said a Brexit would be “the most consequential thing postwar that we’ve ever seen”.
“We’re hoping that the British voter will show sense and listen to the economic arguments and stay,” Kelleher said. “But we clearly are looking at our plans.”
He said that the New York-based firm would consider moving its European headquarters from London.
London cannot not suffer in the event of a Brexit vote, and the reason for that is historic. London has done very well by virtue of being part of the European Union. Its market, the exchanges, clearing, everything is based on London.
Was interested in hearing about the conditions of London “apartments” having looked for one myself not too long ago (one actually looked like Bag End from The Lord of The Rings) only to see it promoting Xnthony (?!). There’s no place for this promotion on this type of story.
Also, on an unrelated note, don’t forget to watch X-Factor this weekend on ITV… and only on ITV…
Can they not squat any more? When I lived in London in the 80s, all the Irish lads lived in empty council flats. All you had to do was change the lock and open an electricity account and you were legit. If they wanted you out badly enough they’d take you to court but as there was a 7 year backlog on squatter eviction cases you’d have moved on long before then.
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