A survey among front-office bankers suggests there is a risk of some jobs departing for the European continent if UK voters decide to quit the EU in today's referendum.

Some of the best-paid banking jobs could transfer to the European continent from London in the event of a “Brexit” vote today, hitting the UK capital’s prime property market at a time when in some ways Germany’s Frankfurt is more financially attractive, a survey finds.

As UK voters go to the polls to decide whether to start the process of taking Britain out of the European Union, a survey among bankers by Emolument.com, a crowd-sourced collector of remuneration data, shows that at present London gives the highest rewards for front-office bankers. However, when property and other living cost issues are factored in, Frankfurt comes out ahead.

A vexed issue in the UK referendum is whether, as critics of a Brexit claim, a departure means that banks, such as US institutions, will quit London and move to the continent to ensure they retain access to the EU Single Market. For example, Jamie Dimon, chief executive of JP Morgan, has warned that his bank will cut jobs in London and reduce investment if there is a leave vote. Goldman Sachs is reportedly looking to shift some activities to Paris if there is such a vote. The consequences would depend, to some extent, on whether the UK is able to retain some access to the Single Market, or some other access such as that afforded Switzerland, if there is a leave vote. There is also uncertainty around whether, if there is a leave vote, UK banks would find it easy, or difficult, to create onshore presences in the remainder of the EU so as to retain access.

Associates at London banks earn 40 per cent more than their Frankfurt counterparts, vice presidents are 20 per cent ahead and directors earn 50 per cent more. But as London is 60 per cent more expensive than the German financial centre, bankers are still better off in Frankfurt, the survey showed.

Emolument.com analysed 8,065 salaries for staff in London, Frankfurt and Paris.

“If Brexit were to occur, some banks have already announced they would be looking to relocate some of their front-office activities to continental offices (such as Goldman Sachs to Paris). Until now, prestigious banking jobs were usually to be found in London; an attractive set of opportunities on the continent could however give London bankers cause to leave the UK: look out for a shift in high-end property prices in Zone 1,” said Alice Leguay, co-founder and chief operating officer at Emolument.com.