The bank is not the first institution to think about down-scaling its operations in London after Brexit.

Societe Generale’s chief executive said the French lender could move 400 corporate and investment banking jobs from London to Paris, as part of its plans for Britain’s departure from the European Union, according to Reuters.

Brexit has become such a contentious issue in the financial world, as several firms are currently planning to move most of their business to Germany and Ireland after Brexit, due to the lack of knowledge over plans to carry out a hard or a soft Brexit. Recently, this publication reported that Deutsche Bank and Nomura have looked at moving its European base from London to Frankfurt.

Frederic Oudea, CEO, spoke during a conference in Paris, which was reportedly attended by French Prime Minister Edouard Phillippe, about the firm’s strategy towards Brexit.

"At this stage, it seems quite clear that it will be necessary to relocate a certain number of jobs to the euro zone," Oudea told the newswire.

The news report stated that Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London.

The new French government has pledged to cut labour costs and ensured banks will not face tougher regulations than European rivals, as it looks to attract London banks to Paris. Oudea also spoke about the government plans and how it would affect his firm.

"In this scenario, in the light of the decisions taken by the government, we will concentrate the relocations in France," added Oudea. "We look at the decisions that mark a very clear change in the position. When the government says...it considers it (finance) is the important economic sector, a sector of excellence for France, and that this government wants to encourage finance".

This publication has contacted Societe Generale and may update in due course.