More than a quarter of London’s largest financial services firms have announced they will move some staff out of the City after Brexit or are considering it, a new survey shows.
That represents an increase from the 18 per cent of 222 City firms tracked that had announced plans four months ago, according to accountants EY.
However, 75 of the firms have not made any public statement on their plans for Brexit.
Investment banks were among the most likely to have announced a move of staff, with 21 of the 47 investment banks tracked, or 45 per cent, having announced either a review of operations or concrete plans, although almost a third of the banks have not addressed the issue publicly.
Banks are planning to move 9,000 jobs out of Britain because of Brexit, Reuters reported. European regulators have said they expect banks conducting business in the EU to have a meaningful presence within the bloc’s borders.
Insurance firms were less likely to have public plans to move out because of Brexit, with just over a quarter showing their hand.
Omar Ali, UK financial services leader, EY, said: “The number of financial institutions who are publicly committing to concrete action in response to Brexit has increased, but it’s still a minority and is driven by the tight timetable rather than politics.
“The more complex the organisation, the longer it is going to take to create workable contingency options, and so investment banks in particular are putting their plans on record.”