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Bankers are warned they WON’T be paid to commute from London to Paris or Frankfurt if jobs move after Brexit

City workers have been warned they will not be paid to commute from London to Paris or Frankfurt if jobs move after Brexit.

Thousands of posts could be relocated to the EU after the UK leaves in March – although the scale of the shift looks to be far lower than originally feared.

Many bankers were hoping they could keep their families in the British capital, which is seen as having far better schools and amenities than rivals.

However, four big US banks are said to have made clear that commuting weekly from London to the new location of jobs is ‘not a long-term option’ after Brexit

Staff have been told that while travel and accommodation costs will be met for the first few months, it will then be withdrawn, according to the Financial Times

The ability of UK-based firms to function freely in the EU is expected to be curbed whether or not a Brexit deal is finalised.

Morgan Stanley, Goldman Sachs, Citigroup, JPMorgan and Bank of America are set to relocate up to several hundred workers each after March — although their specific support plans have not been made public.

Morgan Stanley is reportedly offering ‘short-term support’ for those who want to commute but would prefer employees to live in the places where their roles are based.

French President Emmanuel Macron has been trying to woo business from the City to Paris.

Frankfurt has also been trying to tempt firms to shift, while Dublin is another potential beneficiary from the change.

The financial services sector is often regarded as the driver of the UK economy, and is far bigger than its equivalents across the EU.