The banker accused Morgan Stanley of fabricating its position to mislead European regulators about relocating key employees from London to Frankfurt after Brexit. This was reported by Finance Times .
The banker, who was hired as a managing director in Morgan Stanley’s Frankfurt office in April 2021 with a salary of 375,000 euros plus bonuses, was officially given the title of “head of credit trading”. However, he stated at the hearing that his boss had instructed from the very beginning that this title should not be used, as it existed only on paper and was invented solely to meet the regulator’s requirements.
Moreover, despite his leadership position just below the general manager, the former employee did not take part in the management of the department entrusted to him, and only extended non-performing loans in EU countries. Moreover, the man is sure that his subsequent dismissal was also made for violations, since he did not pose a significant risk in the bank, so his dismissal should be annulled.
Following Britain’s departure from the EU, the European Central Bank insisted that international banks conduct their business in Europe with local staff rather than London. The regulator does not accept “dummy” companies, which are officially European divisions run by bankers in London.
The court rejected Morgan Stanley’s arguments that the banker was a financially responsible employee in Frankfurt and upheld his appeal against dismissal. The bank appealed this decision.
Previously, a court in Canada sided with an Air Canada passenger who was deceived by artificial intelligence.
previous attempt accepted Trump is guilty of fraud.