Morgan Stanley comments on London job relocation speculation

London Canary Wharf

Don't panic.

Morgan Stanley denied a BBC report that it had begun to move 2,000 London investment-banking jobs to Dublin or Frankfurt after Britain’s voters chose to leave the European Union.

Bloomberg News reports that the referendum 'will have a considerable impact, the extent of which will not be known for some time', according to a statement Friday from Morgan Stanley spokesman Wesley McDade, who said the company hasn’t started moving staff out of London. '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 was prepared for the event, and had the 'liquidity, capital and staffing' to help clients through this period, according to a memo to employees from CEO James Gorman and President Colm Kelleher obtained by Bloomberg News.

Morgan Stanley's stock closed 10.1% down Friday as the impact of Brexit hit global equity markets.

To access the complete Bloomberg News article hit the link below:

Morgan Stanley Denies Report It Started Moving London Staff

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