Up to 10,500 jobs in the City of London could leave the country on ‘day one’ of Brexit, likely for Dublin or Frankfurt, research for EY has concluded.
While that is down from the 12,500 estimated a year ago as government rhetoric seemed to be speeding the country toward a hard break with the EU, it is still around 3% of the City’s workforce.
The number closely corresponds to a recent Nomura estimate that 10,000 jobs remained at risk.
EY added that while the recent sign-off of a preliminary deal on the terms of Britain’s exit had caused much relief, institutions remained keenly aware of risk. In contrast to the company’s 2016 survey, many of the jobs earmarked for relocation were client facing, not just admin, roles.
EY head of UK financial services Omar Ali said that the 11th-hour agreement last week had sent a ‘wave of relief’ across the City.
‘It signalled an intention to agree a transitional period as early as possible next year and the starting point for negotiations on future trade deals, both of which are fundamental to avoid adding any additional risks to the system and for the future strength of the UK financial services industry.’