March 22, 2018 / 11:24 AM / 7 months ago

Morgan Stanley to hire 80 in Paris after Brexit: source

LONDON/PARIS (Reuters) - Morgan Stanley plans to add 80 jobs in Paris after Britain’s exit from the European Union, a source familiar with the matter said on Thursday, on top of around 200 the U.S. bank is set to transfer to its Frankfurt hub.

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton

The potential transfer or creation of roles by the U.S. bank in France was first reported by French newspaper Les Echos, without giving a timeline for when they might be completed.

Morgan Stanley already employs around 120 bankers in Paris, and Reuters reported last July the bank has chosen Frankfurt to be its main base for its EU operations after Brexit.

Its move to transfer some staff there follows a similar pattern to other banks which have picked one EU center to be their main regional subsidiary in the bloc, but then locating other parts of their businesses in several countries.

Swiss bank UBS earlier this month said it would pursue a decentralized approach, with staff mainly moving to Frankfurt and other locations where their clients are based.

U.S. and European banks are starting to execute contingency plans, after British Prime Minister Theresa May ruled out retaining passporting rights for financial services.

Editing by Alexander Smith

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