Thousands of London-based jobs will have to be relocated to new financial centres inside the European Union after Brexit, if the UK loses access to the single market and no other agreement has been set in place.

The business news service stated on Tuesday 18 July that:

“Citigroup Inc., Standard Chartered Plc and Nomura Holdings Inc. have picked the German city for their EU headquarters to ensure continued access to the single market. Goldman Sachs Group Inc. and Morgan Stanley are weighing a similar decision, said people familiar with the matter, asking not to be named because the plans aren’t public. HSBC Holdings Plc is the biggest non-French bank so far to opt for Paris.”

Goldman Sachs is reportedly considering moving up to 1,000 jobs, Citigroup up to 250 jobs, and Nomura up to 100 jobs to Frankfurt. According to Bloomberg, UBS is considering moving up to 1,500 jobs from the UK to Frankfurt/Main.

London could lose 10,000 banking jobs and 20,000 roles in financial services, the news agency said.