In the shocked chaos that was this morning of Brexit, stories of panic popped up everywhere. Some banks tried to be clear that calm must be maintained (JPMorgan, Goldman) some were more even about the fear out there (Citi), some let Jesus take the wheel (Barclays) and some lost total control of the media narrative. We'll let you guess which one that was...
Sure, Jim Gorman and his team are not in an ideal position to wait things out and might therefore be prone to drive European bankers to both coasts of Britain, point to the horizon and yell "Swim for it!" But also, this seemed like a bit of an overreaction considering that Parliament hasn't even voted on this thing yet.
Reuters knows whats up...
Morgan Stanley denied it had begun moving 2,000 investment banking staff out of London, rejecting earlier media reports following Britain's historic vote to leave the European Union.The BBC had reported that the U.S. investment bank had begun the process of moving the key investment banking jobs from the British financial hub to either Dublin or Frankfurt.A spokesman for Morgan Stanley said the BBC story was not true, but declined to elaborate.
"Declined to elaborate," is not music to the ears of MSers living in London, and the BBC was quick to get some clarification on what that no comment actually like meant.
Article 50 is the clause in the EU treaty that allows a member nation to leave. So Gorman and his guys are not going to wait until things get official before abandoning London.
So, City-based Morgan Stanley readers, we recommend you go buy a pair of swimmies and start brushing up on your Gaelic and German.