But the good news is that the job loss projections are down from 10,000.
John Glen admitted that uncertainty was taking its toll on the City but told the House of Lords committee on EU financial affairs that he was doing everything possible to ensure it retains its place as a major global financial centre.
The Bank of England has been downplaying its expectations of job losses in the sector.
It initially pencilled in 10,000 to have gone by 29 March 2019 but this summer said the number might be fewer than 5,000.
Glen backed the figure but told peers that there were "many caveats" to that outlook, while stressing the importance of safeguarding the global role of the sector, which yields £72bn in taxes which are vital to investment in public services.
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