Although bosses warned about 7,000 jobs could be moved from the city to across Europe, fewer staff than expected have been relocated. This is despite Project Fear scaremongering during the EU referendum campaign suggesting there would be a mass exodus of the lucrative financial services after Brexit. 

But accountancy firm EY warned large investment businesses in London “still have significant work to do” ahead of the October 31 Brexit deadline.

Omar Ali, EY’s UK financial services leader, told The Times: “Now is not the time to take the foot off the gas.

“There is much to do in the next six weeks.

“Financial services firms have the building blocks in place but have so far transferred fewer staff and assets to the continent than expected.

“So there is still lots for the industry to contend with as we approach October 31.”

But he added: “Given that many companies had pulled out all the stops to be ready ahead of the March deadline, much of the planning of temporary solutions for staff and operational moves has already been completed.”

The news comes despite warnings job losses would reach a staggering 75,000 in a worst case Brexit scenario.

EY found that out of 222 companies, 92 had publicly confirmed they had already moved operations or were considering relocations.

Dublin, followed by Luxembourg and Frankfurt, remain the top places for relocation.

Catherine McGuinness, of the City of London Corporation, said the performance by large investment banks “in what is undoubtedly a challenging time” illustrated “an affirmation of its fundamental strengths”.

She said: “Sustained Brexit uncertainty is leaving business with its hands tied, reluctant to make everyday decisions on recruitment, expansion and investment.

“Day by day, as uncertainty persists, so does the threat of more businesses moving jobs and operations away from the UK.”

The news flies in the face of French President Emmanuel Macron’s plot to lure 3,500 UK bankers across the Channel after Brexit.

After the EU exit vote Frankfurt-based banks also appealed to Britain’s bankers to make the move to Germany’s finance industry.

Prime Minister Boris Johnson has pledged to take the UK out of the EU by October 31. 

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