Morgan Stanley DENIES claims they are planning to move 2,000 jobs from London
AMERICAN investment bank Morgan Stanley has denied claims that it will move 2,000 London jobs to Dublin and Frankfurt.
Morgan and Stanley have denied moving
Early reports suggested that the bank needed to move investment banking staff to Europe due to the passporting system allowing it to offer financial services across all EU nations.
The banking giant said that the UK referendum “will have a considerable impact, the extent of which will not be known for some time".
A 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.”
There are fears that thousands of jobs could be lost following Brexit
There will be at least a period of two years before an actual exit takes place
According to a memo to its employees, Morgan Stanley was prepared for the event of a Brexit bombshell and had arranged the liquidity, capital and staffing to help its clients through the aftermath.
The executives of the bank wrote: “Despite record volumes last night and into the day, Morgan Stanley’s people and systems were able to ensure that we met our clients’ needs.
“Many people around the world worked through the night.”
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Just days ago, the president of the bank, Colm Kelleher, said Brexit would be: "The most consequential thing that we’ve ever seen since the war."
UK banking stocks plunged after Britain voted to leave the EU before making a recovery.
Jeremy Corbyn has faced criticism for his role in the referendum
JP Morgan, which employs 16,000 people in the UK, said that it would maintain a large presence in the UK regardless of the outcome of the referendum.
Investment bank Goldman Sachs, which has 6,000 employees in London, reportedly spent over £350,000 to help fund the Remain campaign.
Governor Mark Carney said that the Bank of England had a £250billion fund at its disposal to support Britain's financial markets after the vote.