The American business bank Morgan Stanley is moving assets worth about $ 120 billion from London to Frankfurt because of the Brexit.

The relocation should be largely completed in the first quarter of next year. Morgan Stanley had previously moved staff from London to locations in the European Union such as Madrid and Milan. A trade office was opened in Paris in 2018. The bank has more than 5000 employees in London and about 350 employees in Frankfurt.

Other major US banks such as JPMorgan Chase, Goldman Sachs and Citigroup have already transferred assets from the UK to the EU, including Frankfurt. They want to prevent their activities on the European continent from being disrupted by the Brexit. The UK and the EU have yet to make a deal on rules on financial services.