Banks, insurers, and money managers are planning to move about800 billion pounds (US$1 trillion) of assets from the U.K. to therest of Europe as Brexit uncertainty takes its toll, according to asurvey conducted by consulting firm EY.

The firm said its estimate may be low because many firms haven'tpublicly declared the value of assets being transferred. Accordingto another group's estimate, as much as 800 billion euros ofbalance-sheet assets could move to Frankfurt alone. EY said its“conservative” estimate is based on statements from 20 companiesthat have announced a transfer of assets out of London.

More than 7,000 jobs could relocate from London soon, EY said,though companies are trying to hire locally because of the costs ofmoving staff. About 2,000 new roles are being added in Paris,Frankfurt, Dublin, and other cities in the European Union (EU) byfinancial firms which so far have been moving only essential stafffrom London, according to the report.

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