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Financial firms scale back estimates of job relocation to EU post-Brexit

The number of financial-sector jobs expected to leave the U.K. in the wake of its departure from the European Union has halved, Reuters found in a survey whose results it published March 28.

A survey of 119 firms found that they would move roughly 5,000 jobs in the event of a "hard Brexit," or one with no transitional agreement, down from the estimated 10,000 moves from 123 participating companies in the September 2017 edition of the survey.

Reassurances by British Prime Minister Theresa May's government and progress in negotiations with the EU contributed to the change as firms consider more carefully how much of their operations would have to be moved to the bloc if Britain loses access to the single market, the report noted. The March 19 agreement between the two sides of a framework for a 21-month transitional arrangement is also likely to ease fears of a hard Brexit.

According to the survey, Paris, with 2,280 planned relocations, is now ahead of Frankfurt, with 1,420, as the most preferred destination for jobs. Some 4,798 roles are expected to be affected in banking, mostly relocations but also some new jobs in Europe; 173 jobs will be affected in insurance and 304 in asset management.

Among specific companies, Deutsche Bank AG scaled back its estimate to fewer than 200 jobs moved from the previous 4,000, the survey results revealed. UBS Group AG is also looking to relocate 200 staff to Frankfurt instead of 1,500, and Goldman Sachs Group Inc. reduced the number of staff to be relocated to 500 people from 1,000.