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Old 24-06-2016, 08:56 PM
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Banking and financial services one of the supposed success stories of the UK is already under going change as a result of Brexit

Sources within Morgan Stanley have told the BBC that the bank is stepping up a process that could see up to 2,000 of its London-based investment banking staff being relocated to Dublin or Frankfurt.

The US bank, which established a task force looking into any staff relocations, will not be waiting for Article 50 that triggers the formal process of a country quitting the EU.

The jobs that could be moved from the UK would be in euro clearing, as well as other investment banking functions and senior management.

The bank needs to use the passporting system, which allows banks to offer financial services in all EU countries without having to establish a permenant 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”.

Morgan Stanley today denied reports that it had begun the process of relocation: “The UK’s vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time. There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment.

"Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees.”
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