Could thousands of Canary Wharf staff at Morgan Stanley be moving to Dublin or Frankfurt in the wake of Brexit?
The bank, which rents sizeable offices on the east London business estate, has been forced to deny it is already transferring 2,000 of its London employees to Ireland or Germany following the EU referendum.
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The BBC reported the jobs were in the Morgan Stanley's Euro clearing arm but also other investment banking roles, as well as senior management.
However, a spokesman for the bank told the Mirror : "The BBC story is completely false."
Based in America, Morgan Stanley relies on a passporting system that allows banks to offer financial services in all countries in the EU without being located there.
Although there are no concrete details on exactly what Britian’s exit will mean, this system could be under threat depending on the result of future negotiations with Brussels.
The president of Morgan Stanley, Colm Kelleher, told Bloomberg on Wednesday, June 22, before the referendum that a Brexit would be “the most consequential thing we’ve ever seen since the war”.
In the aftermath of the vote Britain's banks took a $100billion battering, with Lloyds, Barclays and RBS plunging as much as 30% at one point on Friday, June 24.
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