The BBC reported on Friday that Morgan Stanley had already begun shifting key investment banking jobs out of London.

When contacted by this publication, Morgan Stanley said the BBC story was false but gave no further comment on whether it was planning changes to its staffing and approach to London as a booking centre. 

In recent years, the New York-headquartered firm has retreated from the European wealth management industry. In 2013, it sold its wealth management businesses in Europe, the Middle East and Africa to Credit Suisse. The businesses, based in the UK, Italy and Dubai, had over $13 billion of assets under management. A year later, Morgan Stanley agreed to offload its Swiss private banking unit to Bank J Safra Sarasin.