Morgan Stanley leaders announced that the bank is going to move from 400 to 500 jobs from United Kingdom prior to Brexit, Bloomberg reports.

As a result, this step will influence about 10% out of 5000 workers of the bank in Britain.

The company thinks that the impact of such move on its operations will by moderately negative.

Legal entity of Morgan Stanley in European Union will be based in Germany, where regulatory authorities are used to deal with large trading businesses. Investment unit will be transferred to Ireland. Company will also increase the amount of personnel in Milan and Paris.

According to the opinion of Morgan Stanley’s leaders, London after Brexit will not allow the bank to fully meet its goal on becoming strong leader in European region.