Three in four bankers think London will remain the financial capital of Europe

Natasha Clark
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Nearly 60 per cent expect increased compliance costs and red tape because of Brexit (Source: Getty)

Nearly three in four bankers think that London will still be the financial centre of Europe in five years time - even after the UK leaves the EU.

According to a survey of 80 banking executives released by Synechron, 72 per cent said they think the UK will remain the most attractive place for financial services in the coming years, despite warnings that some are considering moving elsewhere.

The survey also said that 55 per cent of British banks had set up "Brexit steering committees" to prepare for life outside the EU.

Read more: Financial services sector goes from strength to strength

While 78 per cent of executives believe that Brexit will have a negative impact on the UK's financial markets, 82 per cent think the EU will be negatively affected by the UK's decision to leave the EU. Half think the UK is in a position to negotiate a bespoke trading arrangement with the bloc.

Read more: City firms expected to forge strong deals after Brexit

Tim Cuddeford, managing director at Synechron business consulting said: "Whilst Brexit poses an unforeseen challenge for financial institutions, the prospect of rising compliance and huge relocation costs appear inevitable.

"Despite this uncertainty, we’ve found that the majority of British bankers believe that London will remain the financial centre of Europe, painting a very hopeful picture of the future.”

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