First Minister Alex Salmond has welcomed Morgan Stanley’s decision to create up to 600 new jobs in Glasgow.
The posts, which will be supported by a regional selective assistance grant of £6m, are in addition to the 770 staff already employed, and will support the company’s plans to grow its Finance, Operations and Technology support functions already based in Glasgow.
Salmond said: “Morgan Stanley’s commitment and investment in Glasgow demonstrates exactly what the Scottish economy can achieve.“It shows that Scotland has a highly skilled workforce and that we are capable of attracting investment from multinational companies across the world.
“Morgan Stanley’s decision is excellent news not just for Glasgow, but for the Scottish economy as a whole.
“My focus is on creating a business environment which gives Scotland a clear competitive edge. We are determined to move Scotland into the fast lane of economic growth and announcements such as today's show what can be achieved. These jobs not only represent the success of the existing Morgan Stanley workforce but show that high quality employment based on a skilled and motivated workforce is the way forward for Scotland. This is an important day for financial services in Scotland.”
Commenting on the announcement, David Nicol, Chief Administrative Officer of Morgan Stanley in Europe, said: “Glasgow is one of the leading financial centres in the UK, with an impressive pool of talent and a dynamic economy. We are delighted to be announcing another significant expansion of our presence there, further underlining our strong commitment to Scotland.”
Martin Togneri, Chief Executive of Scottish Development International an organisation that works to attract inward investment to Scotland, said: “This is a great success in what has been another remarkable year for Glasgow's International Financial Services District and the financial services industry in Scotland as a whole.
“Scotland’s profile in world financial markets is growing rapidly and Morgan Stanley’s decision, fully supported by its US parent, to expand its existing operations in Glasgow is testament to the calibre of employees to be found here and further enhances Scotland’s reputation in the IT sector.”
Derek Brownlee, the Conservative Shadow Cabinet Secretary for Finance & Sustainable Growth, said: “It is very good news that a small but significant boost will be given to the Glasgow economy. Morgan Stanley’s decision is a very welcome one and further proof of the importance of financial services to our economy.
“However, I am slightly surprised to see the SNP so enthused, given that Morgan Stanley has received an RSA grant of £6m. When HSBC received £1m in February 2006, the SNP weren’t very happy at all. How can they reconcile themselves with a grant six times that amount?”
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