Morgan Stanley Says No Plans to Move Employees From U.K.
June 24 2016 - 12:40PM
Dow Jones News
Morgan Stanley's top executives moved Friday to quell rumors the
Wall Street firm would move employees from its U.K. offices in the
wake of that country's historic vote to exit the European
Union.
"Despite inaccurate media reports, we have no plans in place to
move staff out of the U.K. and will only consider adjustments to
our operating model in [Europe, the Middle East and Africa] as the
full impact of the referendum outcome becomes more clear over the
course of the next two years," James Gorman, the firm's chairman
and chief executive, and Colm Kelleher, its president, wrote in a
memorandum to employees.
The executives praised its employees who "worked through the
night, and we appreciate your hard work and commitment."
"Despite record volumes last night and into the day," they
wrote, "Morgan Stanley's people and systems were able to ensure
that we met our clients' needs."
While U.S. financial stocks were down across the board Friday,
shares of Morgan Stanley were hit hardest; they were down nearly 9%
around midday in New York.
Write to Justin Baer at justin.baer@wsj.com
(END) Dow Jones Newswires
June 24, 2016 12:25 ET (16:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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