Morgan Stanley Picks Frankfurt for New EU Base of Operation After Brexit

Morgan Stanley has chosen Frankfurt as its new EU headquarters following the UK's exit from the bloc, people with knowledge of the matter told Reuters. The bank plans to transfer nearly 200 people to Frankfurt from the British capital after gaining regulatory approval and office space.

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The decision by Morgan Stanley comes just days after Citigroup moved forward with its plans to relocate its EU base of operations post-Brexit, choosing Frankfurt too. In addition, Standard Chartered, Nomura, Sumitomo Mitsui and Daiwa Securities have already said that they will move jobs away from London to deal with the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term issue.

The German city, home to the European Central Bank, has emerged as one of the favored destinations for many global financial institutions.

The moves by Morgan Stanley and other global firms come despite the Conservative party’s loss of a majority in June’s snap elections, which made it more likely that Theresa May will seek a softer Brexit deal that could reduce the impact on the UK's financial services industry.

Morgan Stanley has been considering the move for months. However, Frankfurt wasn’t the only financial hub in the sights of the US banking giant, as the firm was evaluating other locations too, including in France and Ireland.

Sources inside the bank told the Guardian: “Come 2019, we might not be able to service [EU] business out of London. To do that we need a European hub, a regulated entity with capital and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term. We need to establish a second main hub to London in Europe.”