Baltimore Business Journal reports that Morgan Stanley has now confirmed that it has chosen Baltimore as the location for its new securities processing centre. The move will bring around 150 new jobs to Baltimore City.
The investment bank has now leased 30,000 square feet in the city, which appears to indicate that the firm has big plans for the area.
Morgan Stanley has been decentralizing its operations since the September 11th attacks on the World Trade Center in New York and this latest move is attractive as it will no doubt keep costs down. The new jobs that will be created as a result of the move are thought likely to be lower-paying than the firm would have to shell out if employees were located on Wall Street.
The firm has been relocating staff out of Wall Street and even New York City itself since the terrorist atrocities. Its headquarters are now in Midtown Manhattan and it has premises in Brooklyn. Earlier this year it purchased a 725,000 square-foot building in Westchester County.