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US bank unveils city jobs plans US bank unveils city jobs plans
(about 3 hours later)
A leading US investment bank will create about 600 jobs in Scotland's largest city, it was announced.A leading US investment bank will create about 600 jobs in Scotland's largest city, it was announced.
First Minister Alex Salmond welcomed the news that Morgan Stanley was to expand in Glasgow.First Minister Alex Salmond welcomed the news that Morgan Stanley was to expand in Glasgow.
He said the decision demonstrated the growing potential and reach of the Scottish economy.He said the decision demonstrated the growing potential and reach of the Scottish economy.
An EU grant of £6m will support the company's plans to grow its finance, operations and technology support functions already in Glasgow.An EU grant of £6m will support the company's plans to grow its finance, operations and technology support functions already in Glasgow.
The firm already employs 770 staff in the city.The firm already employs 770 staff in the city.
Mr Salmond said: "Morgan Stanley's commitment and investment in Glasgow demonstrates exactly what the Scottish economy can achieve.Mr Salmond said: "Morgan Stanley's commitment and investment in Glasgow demonstrates exactly what the Scottish economy can achieve.
This is an important day for financial services in Scotland First Minister Alex SalmondThis is an important day for financial services in Scotland First Minister Alex Salmond
"It shows that Scotland has a highly skilled workforce and that we are capable of attracting investment from multinational companies across the world."It shows that Scotland has a highly skilled workforce and that we are capable of attracting investment from multinational companies across the world.
"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."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.""This is an important day for financial services in Scotland."
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.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.""We are delighted to be announcing another significant expansion of our presence there, further underlining our strong commitment to Scotland."
'Good news''Good news'
Labour's Wendy Alexander said that the Morgan Stanley decision reflected "the strong, stable and dynamic economy delivered by the Labour governments over the last decade."
Steven Purcell, leader of Glasgow City Council, said: "Our challenge is to ensure that more Glaswegians can be part of this success and get into work.Steven Purcell, leader of Glasgow City Council, said: "Our challenge is to ensure that more Glaswegians can be part of this success and get into work.
"This announcement will help us achieve that goal.""This announcement will help us achieve that goal."
The jobs announcement was part of a successful year for Glasgow's International Financial Services District and the financial services industry in Scotland, according to Martin Togneri, chief executive of Scottish Development International.The jobs announcement was part of a successful year for Glasgow's International Financial Services District and the financial services industry in Scotland, according to Martin Togneri, chief executive of Scottish Development International.
He added: "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."He added: "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."
Debbie Mackie, director growing business at Scottish Enterprise Glasgow said that in choosing Glasgow for this latest expansion, Morgan Stanley was demonstrating its continuing commitment to the city and its confidence in the quality of workforce.Debbie Mackie, director growing business at Scottish Enterprise Glasgow said that in choosing Glasgow for this latest expansion, Morgan Stanley was demonstrating its continuing commitment to the city and its confidence in the quality of workforce.
Derek Brownlee MSP, of the Scottish Conservatives, added: "It is very good news that a small but significant boost will be given to the Glasgow economy.Derek Brownlee MSP, of the Scottish Conservatives, added: "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.""Morgan Stanley's decision is a very welcome one and further proof of the importance of financial services to our economy."