Photo: DPAMorgan Stanley has picked Frankfurt as its temporary hub in the European Union once Brexit takes effect, a person familiar with the situation said Wednesday. "It's a short-term solution," the person said, adding that Morgan Stanley executives were considering other cities for its permanent EU headquarters. Morgan Stanley currently employs about 5,000 people in London, but will relocate some traders as well as marketing and administrative staff to Frankfurt. The bank also plans to shift a smaller number of banking and trader jobs to Paris, Dublin, Madrid and Milan, the person said. Standard Chartered and Nomura already picked Frankfurt as their new EU headquarters.

Source: The Local July 20, 2017 06:56 UTC