French banks, with operations in the UK, may relocate lesser number of staff due to Brexit than earlier anticipated, Reuters has reported citing banking officials.

Earlier, it was predicted that major French lenders including BNP Paribas, Credit Agricole and Societe Generale may shift more than 500 staff together from London. Majority of the transfer would have been directed to Paris.

However, the number of staff to be moved will be significantly lower. The banks said that they have adequate staff to manage the operations across the Europe.

All the three French banks also noted that they will continue maintain their presence in London after Brexit.

Post-Brexit Relocation Details:

Credit Agricole, which was earlier estimated to move up to 100 employees from its investment unit, will transfer 20 staff.

BNP Paribas will shift around 90 employees to the continental Europe, a bank source told the news agency. Earlier, it was estimated that it will relocate around 300 people from its 7,000 employees in London.

Societe Generale is said to relocate and recruit up to 300 people outside London, as a part of the restructuring. A union representative told Reuters that the bank may not shift whole teams or departments from London.

“If they were to relocate entire teams they would have started talking to the unions,” He was further quoted as saying by Reuters.

In the last several months, most of the lenders started the process of moving their bases out of London owing to Brexit, which will bring significant regulatory changes in banking

In May, Bank of America announced to relocate up to 125 staff to Ireland, while JPMorgan is reported to be planning to move dozens of UK employees in July.

In August, HSBC announced plans to move two of its European subsidiaries to France.