Around 5,000 professionals have relocated from London to Paris as a direct result of Brexit, according to a new report.

A study by French think tank Paris Europlace found that this includes 3,500 positions in the financial services sector. Subsequent employment, resulting from the company transfers and expansion, has created around 2,500 additional jobs.

The report lists fears of visa procedures and the desire to benefit from European aid after Brexit as some of the major driving factors behind the move.

Together with Frankfurt, Paris is the beating heart of the EU’s financial services sector, taking a 24 per cent market share, followed by Frankfurt who makes up 20 per cent.

Earlier it was announced that JP Morgan plans to move 200 employees to Paris by 1 January in preparation for Brexit, with 200 further relocations in 2021. Bank of America and Goldman Sachs have also chosen Paris for their European trading platforms.