>> Don't panic, say banks in Britain, attempting to reassure their London staff as the United Kingdom kicks off it divorce from the European Union and it's 27 member states on Wednesday. In memos and voice mails to employees, firms saying they've spent a year making contingency plans, and no big changes are to be expected.
Leaving employees with mixed messages. Certainly, there's a big political element to all of this. The banks are being very vocal that, initially, large numbers of jobs would move. Then they've sort of rode back on those claims a little bit. So HSBC were one of the first banks to come out and put a number on it.
They said 1,000 jobs could move to France. They're now saying up to 1,000 jobs may move to Paris. So there's a little bit of nuance there that, actually, the job losses, or the roles that might move the continent, probably won't be as many as initially feared.>> Banks are hoping for a two-stage plan for Brexit while they figure out how best to serve their European clients.
Moving a few jobs at first and then, once the Brexit dust settles, deciding how to shape the European businesses. Which is when bigger moves may happen, leading some to say London is at risk as a major financial hub. Others disagree.>> Whatever happens, London is still going to play a big part in its national financial markets.
What we're probably gonna see is a chipping away or an erosion of some of the bits of the financial markets moving from London to Europe. But I don't think this is an existential threat to the city, or at least, certainly, the bankers we're speaking to aren't saying that at the moment.
>> Prime Minister Theresa May saying, with Brexit, Britain will leave the EU single market, leaving many unanswered questions for the future of London-based financial businesses.