Global investment bank Morgan Stanley has denied reports that it has begun the process of moving around 2,000 of its London-based investment banking staff to Dublin or Frankfurt following a Brexit vote.
Source at the investment bank reportedly told the BBC the jobs would be primarily moved from its Euro clearing division, but may include other investment banking functions as well.
UK voters chose to quit the EU after more than four decades in the bloc. The final count indicated that voters had backed 'Leave' by 52% to 48%. Prime Minister David Cameron's government led pro-EU campaign was defeated by more than 1.26 million ballots.
The BBC said Morgan Stanley's need for the passporting system, which allows banks to offer financial services in all countries in the EU without having to establish a permanent base in that member state, was behind the decision.
However, a spokesperson for Morgan Stanley denied any such move when contacted by IBTimes UK, saying there was nothing to the story.
The bank later added that: "We will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees."
On Wednesday (22 June), Morgan Stanley president Colm Kelleher described a potential Brexit as "the most consequential thing that we've ever seen since the war" on Bloomberg TV.