Morgan Stanley opts to move EU base to Frankfurt

Morgan Stanley has chosen Frankfurt to be a new base for its European Union operations as the UK prepares to leave the bloc, according to a source familiar with the matter, becoming the latest US bank to pick the German city.

International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate in the EU after the UK leaves in March 2019.

Morgan Stanley is planning to use its Frankfurt subsidiary as the centre for its EU trading operations, according to the source.