JPMorgan and Citi say just hundreds of jobs will leave London due to Brexit — not thousands

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• Executives from JPMorgan, Citi, and Barclays Ireland gave evidence to UK MPs on Tuesday about the impact of Brexit on their industry.
• All three said their banks expect just 150 roles to be moved out of London in the immediate aftermath of Brexit.
• The figures suggest that initial estimates of Brexit job losses — some of which were as high as 40,000 — could be wide of the mark.
• But JPMorgan's Mark Garvin warned that the figures he offered were just "day one" moves and he can "envision a scenario where those numbers could be substantially larger."

Executives from three major banks said on Tuesday they expect to move just several hundred jobs out of Britain in the immediate aftermath of Brexit, far fewer than consultants and industry bodies had initially estimated.

Executives from Citi, Barclays Ireland, and JPMorgan told UK MPs serving on Parliament's Treasury Select Committee that each bank currently expects to move only around 150 roles out of Britain due to Brexit. Between them, the three banks employ over 50,000 people in the UK.

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