In light of Brexit, US-headquartered investment bank Morgan Stanley is reportedly moving 2,000 jobs to Dublin and Frankfurt, though the bank has denied this claim.
The BBC was, reportedly, told that the process is already underway.
Jobs in euro clearing and other investment banking functions are being moved, according to reports. Senior management jobs are also being relocated.
However, a Morgan Stanley spokesperson told The Independent that the reports are false and that the bank has "no immediate plans to make changes".
Private Banks and wealth managers are, in general, keeping a low profile and maintaining a "no comment" position on the repercussions of Brexit on their task force, their forward-looking strategies, the UK’s financial services industry or London’s position as a global wealth management hub. Despite banks such as JP Morgan and Citi warning of potential job cuts in light of a Brexit scenario, no bank has officially announced any task force relocations or redundancies.
Britain’s vote to exit the European Union in a historic referendum on 23 June has sent global financial markets into a state of flux. The Brexit camp won with almost 52% of the votes, while the rival Remain camp secured 48% of votes. Industry experts are urging investors to keep calm and take a long-term, positive view.