Morgan Stanley is moving 2,000 staff from London to Dublin or Frankfurt
Edit to update:
BBC business reporter Joe Lynam reports...
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.
The jobs which would be moved from the UK would be in euro clearing but also other investment banking functions and senior management.
The American investment bank needs to avail of the passporting system which allows banks to offer financial services in all countries in the EU without having to establish a permanent base in that member state.
The president of Morgan Stanley, Colm Kelleher, told Bloomberg two days ago that Brexit would be “the most consequential thing that we’ve ever seen since the war”.
More of "Do you want to work in Germany? Yes? Great! No? Your fired".
What about the people who can't speak German? I wouldn't mind working in Germany though since I can speak German semi-proficiently but not fluently enough for business.