If the UK is denied access to the European single market, around 10,000 finance jobs will move out of the country, according to a Reuters survey.
The survey found that Frankfurt was the most popular destination for new roles, followed by Paris as the second city.
Reuters surveyed 123 firms who employ workers in international finance, including big banks, insurers, asset managers, private equity firms and exchanges.
Nearly half of the companies said they would have to move staff or restructure their businesses because of Brexit, while a third said it would have no impact. According to answers from 39 companies employing at least 350,000 people, it was found that 10,000 jobs would be moved out of the country.
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.
Earlier this year, Deutsche Bank had already said that 4,000 UK jobs could be moved to continental Europe due to pressure over Brexit. This was following Goldman Sachs’ warning that it would move hundreds of jobs out of London.