Despite fears of irrevocable damage, the City of London is unlikely to change substantially once the U.K. leaves the European Union.
The financial services industry has been quietly preparing for Brexit given that it’s likely to lose its EU passporting rights – meaning that it will need extra licenses to serve EU-based customers.
The negotiations between London and Brussels are still ongoing and it is unclear how many employees will have to be moved from London to other European cities. At the moment, the disruption appears to be minimal compared to the overall size of the industry.
But there are clear winners from the exit of some jobs from London with Frankfurt and Dublin the top destinations for institutions that wish to continue working with clients across the EU.
CNBC spoke with banks across the City to take a closer look at their plans so far: