Morgan Stanley denies moving 2,000 London jobs to Dublin and Frankfurt

Morgan Stanley has officially denied moving 2,000 of its jobs to Dublin and Frankfurt after UK decided to leave the EU. Sources told the BBC on Friday that the process was already underway.

The American investment bank was reported to be moving jobs in euro clearing as well as other investment banking functions and senior management.

Initial reports suggested Morgan Stanley needed to move staff because of the passporting system, which allows it to offer financial services across all EU nations without having a permanent base in that country.

Businesses will soon start restructuring. This may include redundancies, as they take stock of the implications of Brexit.

Morgan Stanley has dismissed these reports as false.

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