Quote:More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit, with more pain still to come, according to new research. A study by the New Financial think tank indicates that Brexit has hit the City of London harder than first thought and the impact is likely to grow.
It found that banks have shifted around £900bn of assets from the UK - around 10 per cent of the total assets held by the UK banking system. Insurance firms and asset managers have moved a further £100bn. "The worse news is that this analysis is almost certainly a significant underestimate of the real picture," the report said. "We are only at the end of the beginning of Brexit,” Banks and insurers move £1 trillion of assets out of UK due to Brexit | The Independent