On Thursday, a source familiar with the matter said that Morgan Stanley is planning to add 80 jobs in Paris following the exit of the United Kingdom from the European Union, on top of the approximately 200 employees that the U.S. bank is set to relocate to its hub in Frankfurt.
The possible relocation or creation of the roles by the U.S. bank in France was originally reported by Les Echos, a French newspaper, without providing a timeline for when the employment or the transfer might be completed.
Morgan Stanley currently employs approximately 120 bankers in Paris. Last July, Reuters reported that the bank had selected Frankfurt to be the main base for its operations in the European Union after Brexit.
The bank’s move to relocate some of its employees there follows a familiar pattern that is similar to other banks which have chosen one EU centre to be the main regional subsidiary of their banks in the bloc. However, they will be locating other parts of their businesses in various countries.
Earlier this month, UBS, a Swiss bank, said that it would push through with a decentralised approach, with employees mainly relocating to Frankfurt and some other locations where the clients of the bank are based.
European and U.S. banks are beginning to execute contingency plans, after Theresa May, the British Prime Minister, ruled out retaining the passporting rights for financial services.