The boss of Swiss banking giant UBS has warned it could shift up to 1,500 jobs out of London after the UK voted to leave the EU.
Chief executive Sergio Ermotti told Japan's Nikkei newspaper that the capital faced a diminished role as a financial centre in the future.
He said 20% to 30% of its 5,000-strong workforce in London could be affected.
Multinational businesses are awaiting the details of what Brexit will mean as they assess how it affects them.
A key issue for London-based banks will be what becomes of current "passporting" arrangements that allow them to operate across Europe.
Mr Ermotti said UBS was "well prepared for any outcome".
He added: "We currently employ more than 5,000 people in London, and probably 20% to 30% of our workforce could be affected.
"We believe that London will continue to be an important financial centre, although maybe not as important as it is today."
The comments come after Lloyd's of London said it could be forced to move part of its business to the continent unless single market access is secured in a post-Brexit Britain.
Meanwhile, Japanese officials cited passporting arrangements in a dossier setting out how its companies' investments in the UK could be damaged by the country losing single market status.
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