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Morgan Stanley leaves City Of London in favor of Dublin, Frankfurt and Paris
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Loading...Morgan Stanley's president, Colm Kelleher, said the bank would move most of its offices from City of London and position them in Dublin, Frankfurt and Paris. The bank is taking this decision in order to limit the risk after Brexit.
"The vast majority of employees will move to Frankfurt, but that does not mean that the German city will become the center of the company in Europe," Kelleher said. On the contrary, the bank intends to introduce the multicentre management approach by dividing the core functions of the company between the centers in Paris, Frankfurt and Dublin.
Morgan Stanley plans to move, part of the London brokerage department in Frankfurt, while asset management operations go to Dublin. Altogether over 300 jobs will be transferred to different cities across Europe, with 200 of them heading to Frankfurt.
The aim of the bank is to move some of its offices by the end of June this year.
Source: Bloomberg Pro Terminal
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