Approximately 10,000 finance jobs will be shifted out of the UK or created overseas in the next few years if the UK is denied access to Europe’s single market, according to survey data from Reuters.

The survey polled 123 banks, asset managers, private equity firms, insurers and exchanges with UK operations on their plans for moving staff as a result of Brexit.  From the 123 companies, 57 of them said they would have to move staff or restructure their businesses because of the results of the EU Referendum. Brexit is slated to begin in 2019 with the end of freedom of movement.

Meanwhile, 37 firms stated that Brexit would have no impact, and the remainder said they are still deciding what to do or declined to comment.

The 20 banks in the survey who answered the question about how many jobs would be affected by Brexit said they expected 9,777 jobs to be moved or created in the EU. Of the banks who have made a decision on what to do about Brexit, six planned to add jobs in Frankfurt, four in Paris, three in Dublin, two in Amsterdam, one in Berlin and one in Brussels. Insurers added that they were setting up subsidiaries in Luxembourg, Dublin, Paris, Munich and Malta.

Reuters adds that these findings suggest that the first wave of job losses from Brexit may be at the lower end of estimates by industry lobby groups and firms, which could mean London will keep its place as the continent’s top finance centre, at least in the short term.