LONDON/FRANKFURT: US banks Morgan Stanley and Citigroup have identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes said. Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, according to one source. Citigroup, which already has a large banking unit in Dublin, will need to shift 100 positions in its sales and trading business, sources with knowledge of the matter said.
Leading financial firms warned for months before last June’s Brexit referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past six months. More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks’ hopes they might retain “passporting” rights that let them sell their services across the EU out of their London hubs. HSBC and UBS said on Wednesday they could each move about 1,000 jobs out of London. A spokesman for Morgan Stanley said no decisions had been taken with regard to its Brexit plans. — Reuters