Morgan Stanley opts for Frankfurt as new post-Brexit hub

US investment bank Morgan Stanley is the latest multinational financial firm to choose Frankfurt as a new post-Brexit European hub, according to several reports.

It was also reported on Wednesday that banking giant Citigroup would be moving hundreds of jobs from London to the German city as part of a restructuring of its European business after the UK leaves the bloc in 2019.

Morgan Stanley will apply for a licence with German regulators to allow it to continue trading within the EU, with around 200 jobs in the UK at risk due to the move, according to the reports.

Frankfurt is set to become a major beneficiary in the fallout from last year’s Brexit vote, with several financial firms looking to it as an alternative if bankers lose their highly-valued passporting rights.

MS currently employs around 200 people in the German financial hub, with their team there set to be doubled if the move materialises.

The Wall Street bank reported its quarterly results on Wednesday in which it beat expectations on the back of strong performances from its investment banking and wealth management divisions.