Morgan Stanley denies it is moving 2,000 jobs from London to Dublin after Brexit vote

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Morgan Stanley has denied reports that up to 2,000 of its London-based investment banking staff are being relocated in the wake of last night’s dramatic Brexit result.

The BBC reported the American investment bank had begun the process of moving employees to Dublin or Frankfurt and a taskforce was in place.

Reports suggested the action was needed because of the passporting system, which allows banks to offer financial services to all EU nations without a permanent base in that country.

But a spokesman for Morgan Stanley said the claims were untrue and that no immediate changes were planned.

He said: “The BBC story is totally false.”

On Wednesday, Morgan Stanley president Colm Kelleher told Bloomberg a Brexit vote would be “the most consequential thing that we’ve ever seen since the war”.

Businesses are believed to be drawing up restructuring plans, which it is feared may include redundancies, as they get to grips with the fallout from Brexit.

Bank of England on Brexit

Within minutes of stock markets opening today more than £100 billion was wiped off the FTSE 100.

The index dropped by more than 7 per cent as the vote for Britain to walk out of the European Union sparked turmoil across global exchanges.

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Source Article from http://www.standard.co.uk/news/politics/morgan-stanley-denies-it-is-moving-2000-jobs-from-london-to-dublin-after-brexit-vote-a3280436.html

June 25, 2016 |
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