Most banks have chosen Frankfurt as their EU headquarters to ensure continued access to the single market
Bloomberg reports that London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move assets worth EUR 1.8 trillion out of the UK as a result of Brexit.
Morgan Stanley, Citigroup, Standard Chartered, and Nomura have all chosen Frankfurt as their relocation destination - while Goldman Sachs and UBS are weighing a similar decision, according to people familiar with the matter.
Other banks who have decided on a city away from Germany are HSBC who has opted for Paris and Barclays who chose Dublin.
Update: An FT research says that they actually may move far fewer jobs than the Bloomberg number suggests. The Bloomberg number was taken back in September. FT's latest estimate in December says that they may only move 4,600 jobs in a best case scenario - but up to 10,000 jobs still in a worst-case scenario.
JP Morgan's estimate from FT says that it should be around 700 jobs by April 2019 - while Goldman Sachs' estimate is about 500 jobs.
However, FT's estimates are based on interviews with bank executives and their own internal calculation. The worst-case scenario of 10,000 jobs are from the announcements made my the bank themselves - which dates all the way back to September too.
