Morgan Stanley intends to add 80 more staff in Paris after the U.K. leaves the EU, on top of the 200 jobs the U.S.-based firm will transfer to its Frankfurt hub, Reuters reported March 22, citing "a source familiar with the matter."
The potential move or creation of jobs in France was first reported by newspaper Les Echos, although it did not give a clear timeline for the relocation, the newswire wrote. Morgan Stanley already operates in Paris with about 120 bankers, it added.
Colm Kelleher, the company's president, said in early February that Morgan Stanley will take a "multicentered approach" for its post-Brexit European operations. U.S. and other European financial firms have already kicked off their contingency plans after British Prime Minister Theresa May ruled out retaining passporting rights for financial services, Reuters noted.