Morgan Stanley Endorses Frankfurt amidst Brexit

Morgan Stanley is a renowned financial services firm. It has its headquarters in Broadway. This is in Morgan Stanley Building across Manhattan. Based in New York City, Morgan Stanley has approximately 42 offices in different countries. It also has an employee base of 55,000 workers. The clients of the company include governments, institutions, corporations as well as private clients. Recently, the company made an announcement concerning its commitment to making Frankfurt the primary base for the operations of European Union.

Background

This news came after the announcement made by Britain to exit the block. According to reports, this is the bank that is responsible for most transactions in Britain. Most international banks are planning to establish affiliates in the European Union. This is in order to make sure that clients are being served even after Britain has exited the European Union in 2019.

Background

According to sources, the decision by Morgan Stanley has created job opportunities for approximately 200 individuals. These workers will be based in the Frankfurt offices. Although the spokesperson for Morgan Stanley withheld most details concerning the new business opportunity, it is evident that it is an instrumental initiative. Most individuals continue to withhold information concerning the contingency plans. It is projected that Citigroup will announce its endorsement on Frankfurt as the primary platform for transactions. In the same scenario, Barclays announced that it was delving into talks with the regulators of Dublin. The agenda of the discussion was expanding the operations of the company.

Conclusion

Morgan Stanley’s choice came amidst expectations. Most sources indicated that the bank would massively employ workers in Frankfurt following Brexit because the company has a legal entity in Britain. Mr. Jamie Dimon who is also the chief executive officer of JPMorgan stated that he would also consider employing Frankfurt for his bank’s legal operations in the European Union.