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The Goldman Sachs Group, Inc. (GS) - free report >>
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The Goldman Sachs Group, Inc. (GS) - free report >>
Morgan Stanley (MS) - free report >>
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Morgan Stanley to Shift Most Jobs to Frankfurt Post Brexit
According to a Bloomberg report, Morgan Stanley (MS - Free Report) is close to moving jobs out of London post Brexit and has chosen Frankfurt as the new hub for its broker-dealer business. However, people familiar with the development said that the company’s asset management business will be shifted to Dublin, the report mentioned.
Following Brexit, companies are looking for alternatives to base their operations within the European Union (EU).
Of the choices available, many companies have been eyeing Frankfurt as a plausible option. This is because Frankfurt has an excellent transport network with an airport serving as a super-connector terminal for flights between America and Asia.
Additionally, Frankfurt is close to the European Central Bank, the institution which sets the monetary policy for countries using euro as their currency and also supervises the EU banks.
Notably, Japan’s Nomura Holdings, Inc. (NMR - Free Report) is the first company to have chosen Frankfurt as its headquarters, post Brexit. The company is expected to shift about 100 employees from its London office to Frankfurt.
Among others, Goldman Sachs Group, Inc. (GS - Free Report) and Citigroup Inc. (C - Free Report) are also planning to shift base to Frankfurt from London.
London, which had become the financial hub for most of the companies operating within the EU, is expected to lose nearly 10,000 jobs due to these movements.
In fact, after Britain’s exit from the EU, companies with operations in London will lose their “passporting rights”. These rights allowed banks to provide services to other member countries of the EU from London. Thus, banks will now have to go through the costly and complicated process of being regulated in each market within the EU where they operate.
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