Global financial giants have accelerated their Brexit preparations. It was stated that Morgan Stanley decided to move his $120 billion worth of assets to Germany. The bank had already transferred some of its employees to Frankfurt and Paris.
Wall Street banks continue to move forward in their strategy to shift their activities from the UK to Europe.
Morgan Stanley plans to move its $120 billion worth of assets to Frankfurt, according to Bloomberg’s report.
According to knowledgeable sources, the US bank will transfer the majority of its assets in the first quarter of next year, when Britain’s exit from the EU is likely to be prolonged. According to sources, the company’s assets will stop at Morgan Stanley Europe SE, its subsidiary in Frankfurt.
Morgan Stanley’s spokesperson did not comment on the matter to Bloomberg.
JPMorgan Chase & Co. and Goldman Sachs Group Inc. Like other US banks, they signaled that they would increase their activities within the EU due to Brexit. According to the Bundesbank statement, non-German banks will move the country with 400 billion euros in assets by the end of the year, more than twice their total balance sheets there.
Dorothee Blessing, co-director of JPMorgan’s European investment banking unit, said in a September statement that his bank’s passages, involving 200 billion euros in assets and 200 employees, were yet the “first wave”.
Morgan Stanley has already moved employees from London to various locations in the EU, including Madrid and Milan.