Morgan Stanley kicked off a search for new London headquarters, as large financial services organisations continue to review their office space needs in the wake of the Covid-19 crisis.

The bank has started preliminary discussions with developers to look for a new office of at least 600,000 square feet to house its 5,000 or so staff in London, according to a person familiar with the matter. The bank currently has two offices in Canary Wharf with about 800,000 square feet. That would be a 25% decrease.