Four big US banks have warned staff that commuting from London to European cities is “not a long-term option” after Brexit and that financial support for travel and accommodation costs will be withdrawn within months of their jobs being transferred. A person familiar with Morgan Stanley’s plans said the bank would offer “short-term support” for those who wanted to commute “but we want them to live in Frankfurt, Paris etc”. Staff would be able to commute for longer “if they’re paying for it”, he added. A person familiar with Bank of America’s plans said the bank had not decided to discourage commuting. BofA has already moved 100 staff from London To Dublin for its main EU banking entity.

Source: The Irish Times December 30, 2018 17:37 UTC