Morgan Stanley denies plans to move 2000 jobs out of London following Brexit

US-headquartered financial services firm Morgan Stanley has denied reports that it plans to move thousands of jobs to Dublin and Frankfurt in the wake of the Brexit vote.

Sources told the BBC on Friday (June 24) that the process to move around 2,000 jobs out of the UK was already underway.

However, speaking to The Independent, a company spokesperson quashed the reports and confirmed the investment bank has no such immediate plans.

Speaking to Bloomberg two days ago, Morgan Stanley president Colm Kelleher said a Brexit vote would be “the most consequential thing” since World War Two.

According to initial reports, the firm would need to move employees due to the current passporting system, which enables it to provide financial services in any EU country without needing to establish a permanent base there.

A number of businesses are likely to begin restructuring following the results of the EU referendum.

Speaking to Sky News in February, HSBC chief exec Stuart Gulliver said around a fifth of its 5,000 London-based investment bankers could be moved to Paris if the UK electorate votes to leave the EU.

Similarly, multinational banking firm Goldman Sachs has previously said it would likely move some employees out of the capital in the event of Brexit.

Both companies have however said they have to immediate plans to shift operations out the City.

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