It has been recently reported that Morgan Stanley is set to relocate up to 500 jobs from the UK. The most likely destination is Frankfurt which will also benefit from moves to the German city by other financial institutions such as Goldman Sachs, UBS, and JP Morgan.
The moves represent as much as 10 per cent of the 5,000 employees the bank has in Britain. 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.
“It’s big, it’s meaningful, but it’s not life-changing,” Gorman said Tuesday at an event hosted by his bank. “It’s a net negative, there’s nothing particularly good about Brexit.”
I wonder if the staff who will be moved to Frankfurt from London would agree that “it’s not life-changing”! Based on our experience of moving such staff for global banks, I think a fair number will disagree. All my experience tells me that bank workers LOVE living in London so some resistance to moving away can be expected.
Being ordered to move to another country can impact employees’ lives in a major way. It can affect their well-being and mental health. However, such moves are often needed for business reasons, especially in the world of global finance. It’s the way that those moves are handled and supported that matters most. Wise employers provide high-quality relocation support because they know the impact it can have on employee well-being – and therefore on business success.
My team has been helping banks and financial firms successfully relocate key staff internationally for more than 30 years. If you’d like to learn more about our services call us on +44 20 7590 2700. You can email me at Christine.Hall@Saunders1865.com or you can call my office via our US number 1 239 530 1865.
My husband and I had a wonderful experience working with Saunders 1865 relocation team. They were always available to help us correspond with our landlord management company. They were great at following up in a timely manner and organized many repairs for us. We'd recommend anyone moving to London to use their services as they made the transition very easy.
Ashleigh Ellman, New York
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