MORGAN STANLEY says it is NOT moving 2,000 jobs away from London.
The investment bank giant denied rumours that it plans on moving up to 2,000 London-based staff to other European cities following the United Kingdom’s decision to leave the European Union.
“Despite inaccurate media reports, we have no plans in place to move staff out of the UK and will only consider adjustments to our operating model in [Europe, the Middle East and Africa] as the full impact of the referendum outcome becomes more clear over the course of the next two years,” James Gorman, the firm’s chairman and chief executive, and Colm Kelleher, its president, wrote in a memorandum to employees.
There are 16,000 Morgan Stanley employees in the UK.
The investment bank said it would continue to have a large presence in Britain regardless out of the outcome of the referendum.
“The story will continue to unfold over the coming days, months and years,” said the memo obtained by the FT.
There is no rush to make big changes, the exit will take at least years to complete, bank spokesperson says
A spokesman for Morgan Stanley, was quoted by the Independent as saying that the investment bank does not have immediate plans to make changes.
“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,” the spokesman said.
“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,” he added.