EY sees 10,500 jobs leaving UK after Brexit
The UK will lose 10,500 financial services jobs immediately after Brexit, according to the latest jobs tracker compiled by accountants Ernst & Young.
The figure is 2,000 lower than in 2016. The report says Dublin and Frankfurt would be the most likely beneficiaries of the Brexit jobs fallout.
“Contingency plans have developed significantly over the last year, putting firms in a stronger position to estimate how many UK jobs they need to move," said Omar Ali, EY's financial services leader.
"The extent of broader strategic restructurings and relocation plans will of course ultimately depend on the specifics of any long-term UK deal with the EU, but a drop in the volume of jobs moving will be welcome news for the City.
"While the relocation of this number of roles will have a significant impact on the smaller financial services centres on the continent, it is unlikely in the short term to threaten London’s role as Europe’s main financial hub."
The study also revealed that almost 33% of financial services firms have publicly stated they are considering moving operations or staff out of the UK.
Of these, 26 of these were banks or brokerages, 17 asset managers, 12 insurance companies and 12 financial technology firms.