Banks and other leading financial institutions like asset managers have lined up plans to shift around £800bn of assets to Europe from the UK after Brexit, according to research from consultancy EY.
The consultancy looked at 20 public statements already made by companies looking to move assets overseas, some of which did not disclose an exact value of assets, so EY says its estimate may be on the low side.
However, it is clear Frankfurt could be a leading beneficiary of any post-Brexit asset flight, with £715bn potential moving to the German city alone.
In terms of jobs that could go overseas from London, EY puts the figure at around 7,000 – though moving staff can be costly so EY notes some companies are trying to make local hires to avoid large relocation bills.
Financial firms are adding around 2,000 new roles across major European cities like Paris, Frankfurt, and Dublin, EY’s report says.