It’s estimated that 10,000 finance jobs will move out of the country, according to the new Reuters survey.
The survey predicted that job losses are more likely to happen in the long-term, as companies might not make big changes instantly as they wait for the decision of the Brexit discussions.
“If it’s going to happen it won’t be in one big bang”, said a senior executive at one of Europe’s largest banks, which took part in the survey. He also added, “there will be a slow drain of jobs from London over a number of years.”
In total, around 1.1 million people work in the financial sector in the UK, which suggests that initial job losses after Brexit will be at the lower end of previous estimates which have estimated 30,000 to 75,000.
Despite uncertainty over Brexit, London has held onto the top spot as the world’s leading financial centre. In a ranking that surveys industry professionals, extending its lead over both New York and Singapore, despite ongoing uncertainty about the consequences of Brexit. However, political uncertainty from Brexit and the US election has had an “enormous impact” on the state of affairs, as London gain the title ‘Worlds’ Top Financial City’.