200 jobs at risk as Morgan Stanley ‘chooses Frankfurt as EU hub’
Moving to Germany will enable the bank to continue operations in the EU after Brexit.
US banking giant Morgan Stanley has chosen Frankfurt as the site of its post-Brexit EU hub in a move that could see 200 jobs leave the UK, the Press Association understands.
The bank will be applying for a licence with the local German regulator that will allow it to continue trading across the EU after Britain completes its divorce with the bloc.
Around 200 UK jobs could be relocated as a result of the decision, impacting staff in both front and back office operations.
The move is expected to double the workforce at its Frankfurt office, which currently houses 200 staff, though the bank may also bulk up additional offices in Paris and Dublin as part of its post-Brexit strategy.
However, sources told the Press Association that London will remain Morgan Stanley’s European headquarters.
Morgan Stanley declined to comment.