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The
Wall Street firm will eventually choose either Frankfurt or
Dublin to base its enlarged European Union hub, according to the
Bloomberg report, which cited three people with knowledge of the
matter.
Leading financial firms warned for months before last June's
Brexit referendum that they would have to move some jobs if
there was a leave vote, and have been working on plans for how
they would do so for the past several months.
More details are starting to emerge after Prime Minister Theresa
May confirmed Britain would leave the European single market,
ending banks' hopes they might retain "passporting" rights that
let them sell their services across the EU out of their London
hubs.
Morgan Stanley, which bases the bulk of its European staff in
Britain, will have to move up to 1,000 jobs in sales and
trading, risk management, legal and compliance, as well as
slimming the back office in favor of locations overseas, a
source involved in the process told Reuters in January.
"Our focus is on ensuring that we can continue to service our
clients whatever the Brexit outcome," Hugh Fraser, a spokesman
for Morgan Stanley in London, said in response to the report.
"Our strong franchise and material presence in Europe gives us
many options, and we will adapt as the details of Brexit become
clear. Given all of this, no decisions have yet been made."
(Reporting by Anjuli Davies; Editing by Mark Potter)
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