Tuesday 20 February 2018

Brexit: Morgan Stanley denies it is to move 2,000 investment bankers to new European HQ in Dublin in immediate wake of vote

Colm Kelleher, president of Morgan Stanley
Colm Kelleher, president of Morgan Stanley

Ailish O'Hora and Sean Duffy

INVESTMENT banking giant Morgan Stanley has denied it is eyeing Dublin or Frankfurt as a location for 2,000 of its investment bankers following the Brexit vote.

The bank told the BBC that reports that it was moving 2,000 investment banking staff from London to Dublin or Frankfurt were "completely false."

However, it is understood that the bank is still considering a new location for up to 1,000 investment bankers and Dublin is still in the running as is Frankfurt.

A timeframe has not yet been established, it is believed.

Earlier the top Irish executive at Morgan Stanley said a UK vote to leave the European Union would be the most significant geopolitical event for the Continent since the end of World War II.

Morgan Stanley president Colm Kelleher said a Brexit vote could prompt the bank to move its European headquarters to Dublin or Frankfurt from London.

"This will be the most consequential thing postwar that we've ever seen," Mr Kelleher said yesterday in an interview on Bloomberg Television with Erik Schatzker. "Initially, the fallout can be controlled, but the political ramifications are actually quite profound."

"We're hoping that the British voter will show sense and listen to the economic arguments and stay," Mr Kelleher said. "But we clearly are looking at our plans," he said, adding that the New York-based firm would consider moving its European headquarters from London.

Mr Kelleher (59) joined the US bank in 1980, and has run its investment bank and trading division since 2013. He gained oversight of the brokerage in January, when he was promoted to president.

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