Bank of England predicts up to 75,000 finance job losses

The Bank of England expects up to 75,000 jobs could be lost in financial services following Britain's departure from the European Union.

The BBC reported on Tuesday that senior figures at the central bank are using the number as a "reasonable scenario", especially if there is no specific UK-EU financial services deal.

The number of financial services jobs that move to the continent will depend on the terms of the exit deal struck between the European Union and the UK.

If a deal is not struck, UK-based financial firms risk losing their "passporting rights" which allow them to sell their services across the EU.

Nicolas Mackel, chief executive of Luxembourg for Finance, has previously said he expects Brexit will create around 3,000 jobs in Luxembourg - although just a few hundred are expected to move from London. 

Audit firm KPMG Luxembourg estimated this month that 24 firms have already said they will set up shop in the Grand-Duchy.

Fund managers are bolstering their presence in the city, while insurers and private banks are also considering establishing bases.

For instance, Citigroup's private bank said earlier this month it would open a booking centre in Luxembourg, while Bank of Singapore is eyeing a presence in the capital.  

(Hannah Brenton, hannah.brenton@wort.lu, +352 4993 728)