Goldman Sachs could cut its London workforce to 3,000, it has been revealed.
German newspaper Handelsblatt has reported that Goldman Sachs could move 1,000 jobs to Frankfurt.
The news comes as Barclays boss Jes Staley renewed his commitment to London and said he will keep jobs in the capital.
Other banks moving jobs outside of London include HSBC and UBS.
A spokesman for Goldman Sachs said: “We continue to work through all possible implications of the Brexit vote. There remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry. As a result we have not taken any decisions as to what our eventual response will be.”