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Morgan Stanley CEO says New York can benefit from Brexit


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Morgan Stanley CEO says New York can benefit from Brexit

Chairman and CEOJames Gorman said New York could end up being the biggest winner from theU.K.'s decision to withdraw from the European Union.

Speakingduring the Institute of International Finance annual meeting in Washington,D.C., Gorman noted that his company is considering whether it needs to moveemployees out of London because of Brexit. If relocation is necessary, many inthe industry have expected financial services firms would move employees toother European cities. However, Gorman noted that moving some workers out ofEurope is also a possibility.

"Ithink you're going to see more business move into New York," he said.

Gormandoes not expect Morgan Stanley to completely exit Europe. He said having apresence on the continent is important for a global financial institution.

Post-Brexit,Gorman said his company is questioning how many back-office and risk managementemployees in London are needed in Europe, and which cites have theinfrastructure to support them. He also noted that Morgan Stanley isconsidering the potential implications of its London-based workers losingso-called passportingrights that allow them to conduct business throughout the EU.

CEO Michael Corbatnoted that he expects Brexit will lead to the relocation of some employees, butsaid it's unclear at this point what changes are needed.

And 'sChairman, President and CEO Jamie Dimon said Brexit would create years ofuncertainty, but he didn't see it being a major complication for the financialservices industry. However, he said Brexit raises questions for Europe'seconomic future.

"Itmade the chance of the eurozone not surviving [the next decade] five timeshigher," he said.