Only 1,000 jobs have been lost from the City due to Brexit, so far in with just 15% of those companies that said that they would be looking to relocate from London having already done so.
A new report from data and accountancy giant EY has found that among the large investment banks monitored in its tracker under 1,000 jobs have already relocated to the continent - just 15% of those marked for relocation to Europe from the UK.
Omar Ali, UK financial services leader at EY, said that the volume of public statements on impact of Brexit from financial services firms significantly declined over the last quarter, indicating that they had largely prepared for EU departure in March.
"Given that many companies had pulled out all the stops to be ready ahead of the March deadline, much of the planning of temporary solutions for staff and operational moves has already been completed," he said.
£1 trillion exodus
The number of jobs that could relocate from London to Europe in the near future still stands at around 7,000, and the value of assets which could move out of the UK as a result of Brexit remains approximately £1 trillion.
Since the EU Referendum, 63% (30 out of 48) of universal banks, investment banks and brokerages have said they are considering or have confirmed relocating operations and/or staff to Europe on account of Brexit Of all the 222 firms tracked by the Brexit Tracker, 41% (92 out of 222) have said publicly that they are considering moving or have confirmed that they are moving some of their operations and/or staff Firms still have significant work to do to transfer client relationships and assets, EY said.
Dublin remains the most popular relocation destination for financial services companies, the Brexit Tracker, found with 29 companies saying they are considering or have confirmed relocating operations and/or staff to the city.
Luxembourg has attracted 25 companies in total, just ahead of Frankfurt which has attracted 24 firms to date. The companies choosing Luxembourg are predominantly asset managers and insurers, whereas Frankfurt has primarily been selected by large investment banks.
"There is much to do in the next six weeks," Ali said. "It is crucial that firms are fully familiar - and compliant - with regulatory requirements across all of the countries in which they will operate and ensure they are fully prepared in terms of contract continuity and people on the ground. Now is not the time to take the foot off the gas.
Equally, regardless of Brexit, firms need to "avoid further disruption to customer relationships" and position their businesses strategically for the longer term," Ali said.
"To do this, financial services firms need a clear view from politicians on future access arrangements between the EU and the UK, and what forthcoming trade deals will mean for the sector. The decisions taken now are critical to ensure the City and broader UK Financial Services industry remain attractive on a global stage."