OK. I didn’t predict that one…

BBC is reporting:

“Sources within Morgan Stanley say it has already begun the process of moving about 2,000 of its London-based investment banking staff to Dublin or Frankfurt. And it has a taskforce in place.”

I know I predicted exodus of financial companies but not on the actual day after the referendum. I mean, I would expect at least a weekend for quiet contemplation (i.e. total panic).

Putting the exit in brexit already? Clearly the only uncertainty they fear is that the door might hit them up the arse on the way out if they dawdle. Don’t worry lads. The door is already on Ebay with the €0.99 it is expected to fetch earmarked to shore up the Pound.

Seriously though, apart from the breathtaking swiftness, it makes total sense. Dublin or Frankfurt? I’ll bet that is a question that will be exercising many minds this weekend. The Americans will favour Dublin because of the language. Others may want to get as close to the heart of the EU’s economy as possible and that means Frankfurt.

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June 24, 2016. #Brexit, Money, Politics.

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