Banking officials will present plans to their respective boards regarding Brexit-related relocation options in the coming months, Reuters reported Jan. 19, citing "banking industry sources."

Following Prime Minister Theresa May's announcement that the U.K. would seek to quit the EU's single market, banks will initially focus on areas such as license applications and building technology platforms, lawyers told the newswire.

Regulators in Frankfurt are in talks with big U.S., Japanese and European banks who are planning to relocate to Germany, according to another source. Analysts at JPMorgan have estimated that a group of eight banks would face costs of about $7.5 billion in the coming five years if they have to shift capital market operations out of London.