Morgan Stanley boss James Gorman has warned Theresa May that staff moves to the capital's rival financial centres are inevitable as Brexit looms.
According to Sky News, the Morgan Stanley chairman and chief executive told the Prime Minister that other cities had made efforts to woo parts of its business from London during the nine months since the EU referendum.
Gorman's on-stage remarks were made at an event to mark the 40th anniversary of the investment bank's arrival in the UK, though he also made comments about Morgan Stanley's ongoing commitment to the UK.
The event held at the British Museum earlier this month was attended by an assortment of high-profile business figures, including the chief executive of Aberdeen Asset Management Martin Gilbert and HSBC chairman Douglas Flint.
Theresa May has pledged to deliver a “bold and ambitious” free trade agreement between the UK and the European Union, having sent the letter triggering Article 50 earlier today.
In the letter she said the agreement should be of “greater scope and ambition than any such agreement before it so that it covers sectors crucial to our linked economies such as financial services and network industries”.
She has attempted to calm fears the financial sector would be faced with a cliff-edge, stepping up a City charm offensive over the past couple of months including an hour-long meeting at No 10 in late February. That was attended by Aberdeen Asset Management boss Martin Gilbert, Schroders’ Peter Harrison, Barclays chief Jes Staley, HSBC chairman Douglas Flint and Allianz vice chair Elizabeth Corley.
Gilbert said he was "confident" May "will negotiate really well" and understood what is necessary to do the transition arrangements.