Morgan Stanley Chief Executive Officer James Gorman said the bank expects to move 400 to 500 jobs out of the UK as the nation breaks from the European Union.
The moves represent as much as 10 percent of the 5,000 employees the bank has in Britain.
“It’s big, it’s meaningful, but it’s not life changing,” Gorman said Tuesday at an event hosted by his bank. “It’s net negative, there’s nothing particularly good about Brexit.”
Morgan Stanley’s EU legal entity will be based in Germany, as Gorman said the country’s regulators are “used to dealing with large trading businesses.” Investment management is moving to Ireland, and the firm will also add salespeople and traders in Milan and Paris, he said.
The bank recently named Clare Woodman, previously the chief operating officer of institutional securities, to run the Europe, Middle East and Africa business to help move people around the the region.
“We wanted a strong leader in Europe and London given all that was going on in Brexit,” Gorman said.