[News] Morgan Stanley begins move away from London

[beorhthelm]

A friend of mine works for the EMEA (medicines stuff). I mean 'worked'. Redundancy notices went out the day after the vote.

i find this curious, it suggests on the morning after the vote, the managment gathered and decided that despite years of negotiation to go it had to make redundancies immediatly. or else it had already made the decision and was waiting for the vote to confirm action or scale of action. with no knowledge of what the next few years will bring that it quite startling.

 

[fat old seagull]

i find this curious, it suggests on the morning after the vote, the managment gathered and decided that despite years of negotiation to go it had to make redundancies immediatly. or else it had already made the decision and was waiting for the vote to confirm action or scale of action. with no knowledge of what the next few years will bring that it quite startling.

Startling! I'd have thought it would have been top of the agenda for the Boardroom of any International Company. There must be dozens of companies that will have had a back up plan....unlike Tony Blair, when he and George W did business with Iraq.

 

[Brighton Mod]

Buy British what though?

Cars? Televisions? Clothes? Steel? Ships? Coal? Computers? Mobile Phones? Bananas?

Lets start with the basics in life, food and clothing, lets consider what European goods we buy, mainly cars and then think about the trade deals we have with the US, Japan, China and India, we don't. Life exists outside of the EU, but remember we will still be in Europe. Having just returned from Italy, the Europeans are extreme;y uncomfortable about their prospects without the UK in Europe and despite the rather blunt Junkers and Tuske messages, the EU faces a greater challenge than us, cut us out of your market and this will further add to the economic downward spiral in Europe and who is going to fill the £10b financial hole in the failed EU budget. WE should stop acting and thinking like losers and be like our forefathers,its painful seeing this whingeing, self deprecating culture that is being exposed currently, perhaps thats our culture now and being reflected in our national football team. We've never had it so good.

 

[Diego Napier]

Lets start with the basics in life, food and clothing, lets consider what European goods we buy, mainly cars and then think about the trade deals we have with the US, Japan, China and India, we don't. Life exists outside of the EU, but remember we will still be in Europe. Having just returned from Italy, the Europeans are extreme;y uncomfortable about their prospects without the UK in Europe and despite the rather blunt Junkers and Tuske messages, the EU faces a greater challenge than us, cut us out of your market and this will further add to the economic downward spiral in Europe and who is going to fill the £10b financial hole in the failed EU budget. WE should stop acting and thinking like losers and be like our forefathers,its painful seeing this whingeing, self deprecating culture that is being exposed currently, perhaps thats our culture now and being reflected in our national football team. We've never had it so good.

Thank you Harold Macmillan.

http://www.ukpublicspending.co.uk/uk_national_debt_chart.html

UK National debt to reach over £1.5 trillion (that's £1,500,000,000,000) by the end of the year.

Big fan of the never never are you?

 

[GypsyKing]

By all means say you voted for Brexit for perceived democratic deficit reasons, but at least have the honesty to accept that the decision comes at an economic price in terms of growth, unemployment and less choice, but it is a price you believe is worth paying.

Claiming that the economy would be better off as a result of Brexit has no credibility.

This sums it up nicely for me. Like others on here, I work in the financial sector and am seeing first hand the impact/damage this is already doing and it's early days yet. It is going to get considerably worse so the question is one of how long it will last.

This was always my biggest issue surrounding the misinformation of the leave campaign - at no point was anyone willing say what their vision for the future was exactly and what their plans would be when we hit the inevitable recessionary scenario.

Someone mentioned Mervyn King earlier and his comment was that we will have some difficult years ahead but that we will ultimately get through it. I have no doubt that is the case but for how many years and what lasting damage will be caused in the meantime...

We have just taken the most enormous gamble with the UK economy - I hope the odds were worth it.

 

[pastafarian]

A friend of mine works for the EMEA (medicines stuff). I mean 'worked'. Redundancy notices went out the day after the vote.

Perhaps she can get a job cleaning Boris' swimming pool.

(note, she and her hubby are lifelong tories; no prisoners in the meltdown).

have to say i find it odd the same day the result is announced the firm announces brexit redundancies
it made me remember an article i read a few days ago from some city types

It’s four days since Britain voted to leave the European Union and there’s already been dire speculation about the likely implications for the City of London and people saying, ‘I told you so’.
Before calling the end of London’s financial services industry, let’s take a step back and look at what this means with a cooler head.

Thursday’s vote needs to be contextualised. ‘Brexit’ comes up on the back of two existing threads for banking.
The first is the general state of the industry.
Eight years after the financial crisis, many European banks still have too much debt and balance sheets they can’t de-lever; the markets just aren’t there for them to do so. This overhang is making it difficult to generate profits and a decent return on equity. As a result, there’s a continual effort to cut costs.

The second is regulation. Whether it’s Basel III or MiFID II, the regulatory trend has been negative for the banking industry. Basel regulations require banks to hold more capital and (understandably) become more risk averse. MiFID effectively further diminishes the revenue pool for European investment banks generally. This is not a good combination.
Brexit comes on top of these existing trends. Any changes that take place in the weeks and months to come are as likely to be the result of the existing situation as the decision to leave the EU.

It makes little sense for an organisation to start laying people off on the basis of Brexit in the week after the referendum. We don’t know the outcome of negotiations to leave the European Union. We don’t know what the passporting settlement will be, whether the UK will benefit from “equivalence”, or whether labour will be free to move in and out of the UK. To me, the idea that you can stand up now and make decisions based upon an outcome that’s still unclear seems odd.

This doesn’t mean there will be no redundancies. And those redundancies may well be attributed to Brexit. It’s worth bearing in mind, however, that companies in and out of the financial sector often use exogenous shocks to announce things they were going to do anyway.
Brexit or not, fixed income desks are over-staffed, banks are already moving jobs out of London to cheaper European locations, and they are already cutting costs.

These moves may have nothing to do with the UK being a part of the European Union – they’re inspired by basic P&L considerations. The cost base in the UK is too high and offshoring has been a continuous trend for over a decade. It was going to happen anyway; if some people want to use Brexit as a justification, that’s up to them

http://news.efinancialcareers.com/u...-the-end-of-the-world-for-the-city-of-london/

 

[Mo Gosfield]

I,m sure you will.

The ones I feel for are the youngsters who will be going to join the workforce over the next 10 years whilst this horrendous mess is still being sorted out.

I,m in the over 60's group, who sadly overwhelmingly voted to 'Leave'. This is the group of 'baby boomers', who never had to go to war....lived in a period of continual growth.....could buy houses when they were in their 20,s.......many of whom received huge redundancy packages from firms like British Telecomms which enabled a lot of my peers to retire in their early 50,s...and buy a second home with the proceeds....index linked pensions.....you name it...they got it.

What did they do ?

They believed the shit that we were 'Great' Britain (what bollocks that was ! ), that they worked 'so hard'....when the reality was they just pushed a pen along a piece of paper (clerks)...they invented the word 'stress' to justify their over-inflated wages, they managed to forget that a 'hard days work' was actually done by their fore fathers when most jobs were hard labour and they earned just enough to put food on the table and a leaky roof over their heads.

Now they have confined the young to an uncertain future....the young who will have much less of a chance of affording their own homes and have to work well into their 70,s to provide for this utterly selfish group of voters.

Am I disappointed ?....just a tad.

Bloody hell......this is quite an attack on us over 60 ' baby boomers '
Lets reflect on some of the points raised...........Firstly, the accusation that the older generation have completely ruined job prospects for the current younger generation, about to start out on their working lives. More and more young people in this country are becoming self-employed. There are 5.4m businesses in the UK and of these, 4m are people going it alone. In 1980, 8% of our workforce was self-employed, now it is 15% and growing rapidly. The vast majority of business done and people employed is by small and medium sized businesses. Of these, 94% do all their trading within the UK. Many of todays youngsters will feel empowered to start up on their own in this country as they see opportunities develop for them in the Far East, Australasia, the Indian Sub-Continent and The USA. These are the growth markets, targetting in excess of 3billion people. These are markets that young entrepreneurs are being restricted from approaching and will see as exciting and rewarding. The EU is a declining part of world trade ( 17% compared to 30% in 1975 ) The baby boomers will help their children/grand children to invest in these opportunities.
The over 60's have embraced multi culturalism in this country. From the Caribbean influx, to the first wave African Indians, to people from all over the world. Most have grown up sensible enough to recognise that we are a small island, with finite resources. No one ever put an optimum population figure on the UK but most people felt pretty comfortable with our ability to absorb about 30,000 extra people a year for many years. Our services could always be better but generally they were coping. That was until the early 90's. Then numbers started to rise steadily until 1997, when suddenly they escalated out of all proportion ( 300,000 a year, peaking at nearly 530,000 in 2011 ) The baby boomers, late in their working careers, saw their kids starting to struggle in life. They saw ever increasing overcrowding on roads, in schools, in hospitals, in waiting rooms. They saw their quality of life starting to diminish because no-one was paying any heed to the social consequences. All they ever heard was talk about the economy, about finance and about the City of London and how it was the most important thing in life. And now, they find themselves living in the most crowded country in Europe ( 410 people per sq km ) Just lower than India, nearly twice that of Germany and 3.5x that of France. They realise that if our population keeps increasing at the current rate, in 15 years, it will be the equivalent of adding Greater Manchester, Birmingham, Glasgow, Liverpool, Leicester, Leeds, Sheffield, Bradford, Nottingham, Portsmouth and Bristol. That will be 73m and 10 years after that it will be 80m. They know that we will not be able to build enough schools, hospitals, prisons and roads to cope with this. Its obvious we are heading for social meltdown. As it is we are having to build a new home every 7 minute for the next 20 years and local authorities are now so desperate that they are granting planning permission on open countryside.
A lot of baby boomers are sensible enough to realise that you can't turn around immigration figures overnight. The damage has been done for a long time. What they voted for was a chance to try and rediscover a sense of national interest. To express the view that culture and society, ultimately mean more than money and economics. To try and repair some of the sharp divisions in our society. To change the political thinking from this truly dreadful, concensus politics that have sprung up since 1997. To make a statement that the world doesn't have to be controlled by bureacracy and big business and that, as a nation, we are perfectly capable of standing alone. We don't have to be pulling at someone's apron strings bullied by others and controlled by others. To loosen Big Brother's grip on us and to give us a chance of controlling our own destiny.
In a few, short years, the wisdom of experience, maturity and social conscience will bear fruit. You just have to be patient. This decision is not short-termism. This is investing in the future.

 

[Kinky Gerbil]

It makes little sense for an organisation to start laying people off on the basis of Brexit in the week after the referendum.

http://news.efinancialcareers.com/u...-the-end-of-the-world-for-the-city-of-london/

I am guessing here, but maybe they are now going to move what ever the outcome of talks, as firstly we dont know what deal we are going to get and secondly they want to be in the EU and they best way to do that is move to mainland Europe rather than stick around here.

I imagine there are benefits to moving early, if that is what they are doing.

 

[pastafarian]

I am guessing here, but maybe they are now going to move what ever the outcome of talks, as firstly we dont know what deal we are going to get and secondly they want to be in the EU and they best way to do that is move to mainland Europe rather than stick around here.

I imagine there are benefits to moving early, if that is what they are doing.

you are right,you are guessing

 

[El Presidente]

A friend of mine works for the EMEA (medicines stuff). I mean 'worked'. Redundancy notices went out the day after the vote.

Perhaps she can get a job cleaning Boris' swimming pool.

(note, she and her hubby are lifelong tories; no prisoners in the meltdown).

Yes, yes, yes she's lost her job, sympathies and all that. But MORE importantly we have our country back and therefore let's REJOICE in taking back power from those unelected bureaucrats who want to create a superstate where we will all have to speak German and eat snails.

 

[El Presidente]

Let's not wet ourselves, I was vote in and thought it would be a disaster if we voted out. I was even more ****ed off when the pound plummeted stock market went down (not as bad as everyone expected). But having listened to a few people one of which was a well respected IFA and another that imports from Spain (both out not for immigration issues) I honestly think after a rocky 12-24 months we actually will be ok. China is pissed of with the EU, let's deal direct with the new super powers.

We currently export more to Ireland than China though.

It's a very difficult country to sign export deals with, and there is little/no intellectual property protection so if you are a service provider (as I am) they just hire you once and steal your content (as I found out).

In the EU there is much more legal protection. The remainder of the BRICs (Brazil-effectively at civil war constitutionally, Russia-Institutionally corrupt, India-Bureaucratically dense, far worse than EU legislation) are a nightmare to deal with too.

 

[El Presidente]

Lets start with the basics in life, food and clothing, lets consider what European goods we buy, mainly cars and then think about the trade deals we have with the US, Japan, China and India, we don't. Life exists outside of the EU, but remember we will still be in Europe. Having just returned from Italy, the Europeans are extreme;y uncomfortable about their prospects without the UK in Europe and despite the rather blunt Junkers and Tuske messages, the EU faces a greater challenge than us, cut us out of your market and this will further add to the economic downward spiral in Europe and who is going to fill the £10b financial hole in the failed EU budget. WE should stop acting and thinking like losers and be like our forefathers,its painful seeing this whingeing, self deprecating culture that is being exposed currently, perhaps thats our culture now and being reflected in our national football team. We've never had it so good.

So you are proposing less choice and higher prices.

Why didn't the out campaign explain this in their campaign?

 

[Simster]

Yes, yes, yes she's lost her job, sympathies and all that. But MORE importantly we have our country back and therefore let's REJOICE in taking back power from those unelected bureaucrats who want to create a superstate where we will all have to speak German and eat snails.

I've had enough of all this cynicism. We've got our country back at long last - we are our own masters now. No longer are we tied to the nasty EU, their laws on bendy bananas, up yours Delors, God save our Queen. Democracy is the winner here.

OK, things are a little up-in-the-air right now, but they won't be now that 330 people have decided on a shortlist of 2 women, for 0.2% of the population to choose from as our next prime minister.

 

[pastafarian]

Yes, yes, yes she's lost her job, sympathies and all that. But MORE importantly we have our country back and therefore let's REJOICE in taking back power from those unelected bureaucrats who want to create a superstate .

yes getting our country back from unelected bureaucrats was the highest priority for the brexit campaign,democracy is important.

where we will all have to speak German and eat snails.

grow up, thats pathetic and childish

 

[Alex Alex Dawson oo! oo!]

i find this curious, it suggests on the morning after the vote, the managment gathered and decided that despite years of negotiation to go it had to make redundancies immediatly. or else it had already made the decision and was waiting for the vote to confirm action or scale of action. with no knowledge of what the next few years will bring that it quite startling.

EMA is an agency of the EU and must be based within the Union; the UK has voted to leave so what is so curious about issuing a redundancy consultation notices in such circumstances? Not every organisation, company, employer in the UK defaults to "the minimum timescale they can get away with" in this type of situation.

 

[Simster]

yes getting our country back from unelected bureaucrats was the highest priority for the brexit campaign,democracy is important.

I've said it before and I'll say it again - where is the 400 page thread on here complaining about our unelected upper chamber and a head of state (and family) who are above the law?

 

[Diego Napier]

I've said it before and I'll say it again - where is the 400 page thread on here complaining about our unelected upper chamber and a head of state (and family) who are above the law?

Ah but don't you see that's completely different. Although the House of Lords is a motley assemblage of people either with hereditary titles or by dint of previous Prime Ministers' patronage, they are English unelected peers and the Queen and her family are English (well, admittedly quite a bit Greek.... and throw in some German too) so that doesn't count.

You really do need to learn who to touch your forelock to.

 

[narly101]

their laws on bendy bananas,

Proving in one sentence what little the public now about the EU. Brussels never imposed a ban on "bendy bananas" you daft sop. It was a story spun out of the Daily Malicious on a slow news day. Jesus.

 

[beorhthelm]

EMA is an agency of the EU and must be based within the Union; the UK has voted to leave so what is so curious about issuing a redundancy consultation notices in such circumstances? Not every organisation, company, employer in the UK defaults to "the minimum timescale they can get away with" in this type of situation.

the speed with which they have acted, especially considering nothing has actually changed: we are still in the EU, regulations remain, funding hasn't been withdrawn. they would have to continue their operations with a reduced workforce while awaiting where they would be relocated to, acquiring premises and recruitment typical takes longer than redundancy consultation.

 

[Postman Pat]

Projects are being suspended or cancelled, left right and centre. We only work on a 3/4 week order book. So it's very bad.



I can assure you it has got much worse since those figures were compiled.

Thanks for the response, I assume insurance companies cutting their property funds is going to have an effect too?

Hope things work out for you and the rest of the staff there.