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Report: Morgan Stanley to take 'multicentered approach' for post-Brexit EU ops

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Report: Morgan Stanley to take 'multicentered approach' for post-Brexit EU ops

Morgan Stanley President Colm Kelleher said the company will take a "multicentered approach" for its European operations when the U.K. leaves the EU in 2019, Bloomberg News reported.

Speaking at a conference in Dublin, Kelleher said the firm will have its main legal center in Frankfurt, while other operations will be done from Paris and Dublin, according to the Jan. 31 report. Kelleher said the company would boost its offices in the three EU cities as it seeks to relocate London-based jobs and will make final decisions regarding staff moves "very early this year."

In July 2017, "a person with knowledge of the decision" told the newswire that Morgan Stanley intends to relocate its European broker/dealer business to Frankfurt, where around 200 jobs would be moved, while parts of the firm's asset management operations would be transferred to Dublin, with around 300 more jobs to be relocated to various EU cities.