Here's a roundup of the financial exodus so far:
- US bank giants Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup have moved 250 billion euros ($283 billion) of balance-sheet assets to Frankfurt because of Brexit.
- Bank of America is spending $400 million to move staff and operations in anticipation of Brexit, and istrying to persuade London staff to move to Paris.
- Barclays last week won permission to shift assets worth £166 billion ($216 billion) to its Irish division. Barclays is set to become Ireland's biggest bank.
- France's BNP Paribas, Credit Agricole, and Societe Generale have opted to transfer 500 staff out of London to Paris.
- UBS has chosen German financial center Frankfurt for its new EU headquarters.
- Swiss peer Credit Suisse is moving 250 jobs to Germany, Madrid, and Luxembourg among other EU 27 countries as well as $200 million from its market division to Germany. And in December Credit Suisse told its wealthiest clients to hurry and move their money out of the UK before Brexit.
- Germany's Deutsche Bank is also considering shifting large volumes of assets to Frankfurt as part of its Brexit plan.
- HSBC, Europe's biggest bank, has shifted ownership of many of its European subsidiaries from its London-based entity to its French unit.
- Australia's largest bank by assets, Commonwealth Bank of Australia, has set in motion plans to base around 50 staff in Amsterdam, and has applied for a banking licence in the country.
- Other Australian lenders Macquarie, Westpac, and ANZ are also in talks to move operations to Dublin and continental Europe.
- Europe's biggest repo trading venue, called BrokerTec, is being moved to Amsterdam from London, meaning a $240 billion a day repo business is leaving the UK.
- More than 100 UK-based asset managers and funds have applied to the Irish central bank for authorization in Ireland.
The impact of these changes will see less tax revenue for the government, fewer jobs, and a dent in dealmaking, taking a shine off the City's luster. And that's just financial services. A British parliamentary report also recently announced that the UK had lost out on €5 billion ($5.7 billion) in infrastructure funding in the past year. Schaeffler, a car parts company, is closing two UK factories because of Brexit, leading to 570 fewer jobs. The latest wound: Nissan this week cancelled plans to build its new sport utility vehicles at its northern English Sunderland plant. The original decision would have created 740 new jobs.
Brexit: UK hasn't left the EU yet but damage has already been done - Business Insider