Morgan Stanley expects to move up to 500 jobs out of UK

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'It’s big, it’s meaningful, but it’s not life changing'.

Bloomberg News reports that Morgan Stanley CEO James Gorman said the bank expects to move 400 to 500 jobs out of the U.K as the nation breaks from the European Union.

The moves represent as much as 10% of the 5,000 employees the bank has in Britain.

“It’s big, it’s meaningful, but it’s not life changing,” Gorman said Tuesday at an event hosted by his bank. “It’s net negative, there’s nothing particularly good about Brexit.”

Morgan Stanley CEO Says Bank Will Move Up to 500 Jobs From U.K.

In the meantime, Bloomberg also reports that Morgan Stanley’s goal of generating about $1 billion in average quarterly bond-trading revenue is probably too conservative.

“Well north of a billion on average a quarter I think through the years is definitely sustainable,” Chief Executive Officer James Gorman said Tuesday at an industry conference sponsored by his firm. “The pool has been expanding” as higher volatility and interest rates fuel a rebound, he said.

Morgan Stanley Expects Quarterly Bond Revenue to Be Well Above $1 Billion

 

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