Morgan Stanley, the Wall Street investment banking giant, has denied reports on Friday that it has begun the process of moving 2,000 London-based staff to Dublin or Frankfurt following the Brexit vote.

The bank said the UK referendum “will have a considerable impact, the extent of which will not be known for some time.

“There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment,” the US company said in a statement.

Reports of the move appear to have stemmed from comments from a senior Morgan Stanley executive earlier this week indicating that the group could move staff to Dublin or Germany’s main financial hub in the event of a Brexit.