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Morgan Stanley, Aviva Join Chorus Warning May on Brexit Risks

  • Morgan Stanley’s Rooney says financial stability may suffer
  • U.K.’s Kirby, speaking at panel, says British position strong
The Canary Wharf financial, shopping and business district on the banks of the River Thames in London.
Photographer: Simon Dawson/Bloomberg

One of Morgan Stanley’s most senior executives said Brexit could make markets less stable and increase costs for banks, joining financiers repeating their warnings of risks to the U.K. a week after Prime Minister Theresa May signaled the industry wouldn’t get special treatment.

“Disrupting how efficiently capital moves around London, from where it sits to where it’s needed, is a matter for the economy both here and in Europe, and it’s a matter for the stability of capital markets,” Rob Rooney, chief executive officer of Morgan Stanley’s international business, said at the U.K. Financial Services Brexit Summit in London on Tuesday. “We would be operating in a much less efficient model.”