Morgan Stanley is considering moving 300 of its UK jobs to Dublin, as it sizes up office space in cities that could serve as EU hubs after Brexit takes effect.

Bloomberg reports that Frankfurt is the other leading candidate for the banking jobs. The timeframe for a move is unknown

The New York-based investment giant currently employs roughly 6,000 people in Britain. Morgan Stanley spokesman Hugh Fraser said:

"Our focus is on ensuring that we can continue to service our clients whatever the outcome.

"Our strong franchise and material presence in Europe gives us many options, and we will adapt as the details of Brexit become clear. Given all of this, no decisions have yet been made."

It was one of the first financial institutions to make their Brexit fears public, announcing before the 'Leave' vote was even cast that a move across the Irish Sea could be on the cards.

On the day of the referendum, Morgan Stanley president Colm Kelleher told Bloomberg Television:

"This will be the most consequential thing post-war we’ve ever seen.

"Initially, the fallout can be controlled, but the political ramifications are actually quite profound.

"We’re hoping the British voter will show sense and listen to the economic arguments and stay. But we clearly are looking at our plans."

Earlier this week, Barclays confirmed that Dublin, Frankfurt and Milan were in the running to secure the centuries-old London bank's European headquarters, with chief executive Jes Staley telling the BBC that it "may add some people in Dublin" if – or more accurately, when – London loses single market access.

Goldman Sachs, HSBC, JPMorgan and UBS have also all signalled that they will relocate some of their operations away from London.