Morgan Stanley Says No Plans to Move Employees From U.K.

Morgan Stanley's top executives moved Friday to quell rumors the Wall Street firm would move employees from its U.K. offices in the wake of that country's historic vote to exit the European Union.

"Despite inaccurate media reports, we have no plans in place to move staff out of the U.K. and will only consider adjustments to our operating model in [Europe, the Middle East and Africa] as the full impact of the referendum outcome becomes more clear over the course of the next two years," James Gorman, the firm's chairman and chief executive, and Colm Kelleher, its president, wrote in a memorandum to employees.

The executives praised its employees who "worked through the night, and we appreciate your hard work and commitment."

"Despite record volumes last night and into the day," they wrote, "Morgan Stanley's people and systems were able to ensure that we met our clients' needs."

While U.S. financial stocks were down across the board Friday, shares of Morgan Stanley were hit hardest; they were down nearly 9% around midday in New York.

Write to Justin Baer at justin.baer@wsj.com

(END) Dow Jones Newswires

June 24, 2016 12:25 ET (16:25 GMT)

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