Morgan Stanley will have to move up to 1,000 positions out of Britain, while Citigroup Inc. will need to relocate 100 jobs as a result of the Brexit referendum, Reuters reported Jan. 20, citing sources with knowledge of the matter.
One of the sources said Morgan Stanley, which has about 6,000 employees in Britain, is likely to move most of the jobs to Frankfurt given that the bank already had a trading license there. However, a spokesman for Morgan Stanley said no decisions had been taken regarding the company's Brexit plans.
Citigroup, meanwhile, has not yet decided on where to shift the jobs, according to sources involved in its planning, but a spokeswoman declined to comment on the matter.
Earlier reports said HSBC Holdings Plc, UBS Group AG and Goldman Sachs Group Inc. are also set to relocate thousands of jobs from London.