Up to 80,000 jobs in London’s financial services industry could be relocated because of Brexit, according to Boston Consulting Group.
And a signficant chunk of those jobs being moved will be insurance, the consultancy says.
The doomsday prediction comes after BCG surveyed the financial servies sector for people’s thoughts.
The jobs will transfer as European firms move their headquarters to other cities on the continent such as Paris and Frankfurt.
BCG believes London’s financial services could be drained of 20% of jobs as companies take action over loss of passporting rights and being locked out of the single market.