Swiss bank UBS will not make any changes to its London operations any time soon in the wake of Britain's vote to leave the European Union, the bank's chair of its board of directors Axel Weber has said.

"We are not planning to change anything any time soon and we will wait and see where the dust settles", Mr Weber said at a conference hosted by the bank.

The former Bundesbank chief added that he expected the Brexit process to generate further volatility going forward and that all the key decisions were to be made in the very final stages of negotiations.

A number of financial institutions with a large presence in London have already indicated they are likely to move operations away from the UK to countries bases in the EU.