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The government is said to back the proposals, while Bank of England Governor Mark Carney is also reportedly in favour.
Cuts would come if the UK and EU failed to agree on some sort of regulatory equivalence in the financial services sector post-Brexit.
Major financial institutions on both sides of the channel are tied together by 40 years worth of incredibly complex regulation.
The latest employment monitor from recruitment firm Morgan McKinley makes for bleak reading for the City of London.
Speaking to the TSC, Mark Carney said that he doesn't "accept the argument that just because it has not been done in the past, it can’t be done in the future."
Bank of England announces plans that will allow EU banks to keep operating in the UK more easily after Brexit, the BBC reports.
"We estimate that the worst case for 'Day one of Brexit' job move preparations is likely to be around 10k," a note by Nomura's Jordan Rochester says.
Any Brexit deal for financial services should be "based on mutual acceptance of regulatory and supervisory co-operation and reciprocity," a new report says.
At UBS' European Conference, Davis told an audience that the government wants to ensure the City remains at the heart of Europe's financial services sector.
‘They cannot wait until the last minute’: Senior Bank of England official warns of Brexit banking exodus
"I suspect we will start to see some things happen if we don’t get any news certainly by next spring," McCafferty told listeners on LBC.