Morgan Stanley opts for Frankfurt as new post-Brexit hub

Violet Tucker
July 22, 2017

Morgan Stanley has chosen Frankfurt to be the new base for its European Union operations as Britain prepares to leave the bloc, according to a source familiar with the matter, becoming the latest US bank to pick the German city.

It is the first USA bank to confirm the Irish capital as its preferred site.

The American bank, which employs 6,500 people in the United Kingdom, already has 700 staff in the Irish capital and now looks likely to relocate more employees to Dublin as Brexit approaches.

Earlier this week, Andrew Bailey, chief executive of City regulator the Financial Conduct Authority, said financial firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they can continue to operate seamlessly once the United Kingdom leaves the EU. (C.N) and Morgan Stanley (MS.N) have picked Frankfrut as bases for the European Union hubs post Brexit.

In a statement, Moynihan called Dublin the "natural location" for consolidating the bank's legal entities, noting Bank of America already has an Irish-domiciled bank.

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Commenting on the decision, Alexander Wilmot-Sitwell, president for the group's Europe, Middle East and Africa operations, said: "Until the final outcome of the political negotiations has been reached, none of us will know how we will operate in the future".

Bank of America's CEO Brian Moynihan told Financial Times today that the new headquarters will be adding to the 700 jobs that the bank already employs here, between their city centre and Leopardstown offices already in the city.

Last week, Barclays said that it was in talks with Irish regulators about extending its operations in Dublin post-Brexit.

"This announcement follows a number of recent announcements by leading global financial institutions and is a strong endorsement of Ireland's attractiveness as a location for investment, and of the Government's approach to securing Brexit-related activities".

Other reports by Guamnewswatch

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