The leader of London's financial district says that because of Brexit, the city could lose about 3,500 to 12,000 jobs in financial services in the short term, and many more jobs may disappear in the longer term.
More than 2 million people are employed in financial services throughout Britain. Banks, insurance companies and asset managers in Britain are opening hubs in the European Union before Britain leaving in March to ensure continuity of services to customers there.
Britain has sought access to financial services based on a more accommodative version of the EU's equivalence system used by Japan and the United States, whereby Brussels alone determines who gets access. So far, the EU says it will not adapt its system to the way Britain wants.
