Morgan Stanley denied a BBC report that it had begun to move 2,000 London investment-banking jobs to Dublin or Frankfurt after Britain’s voters chose to leave the European Union.
The referendum “will have a considerable impact, the extent of which will not be known for some time,” according to a statement Friday from Morgan Stanley spokesman Wesley McDade, who said the company hasn’t started moving staff out of London. “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 was prepared for the event, and had the “liquidity, capital and staffing” to help clients through this period, according to a memo to employees from Chief Executive Officer James Gorman and President Colm Kelleher obtained by Bloomberg News.
“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,” the executives wrote. “Many people around the world worked through the night.”
Morgan Stanley shares fell 9.1 percent to $24.81 at 11:47 a.m. in New York, the worst performance among the six biggest U.S. banks.