City minister John Glen said that the situation was “stable” as far as job movements were concerned.
However, he agreed with Bank of England estimates of 5,000 City jobs moving to the continent by March.
Mr Glen added he would do all he could to ensure that the City of London remained a major financial centre.
“My sole objective in respect of the City is to ensure as much continuation as possible in respect of economic value able to be generated by the City,” Glen told a committee in the House of Lords.
“We have not seen wholesale moves of large institutions to other cities in continental EU,” Mr Glen said.
In the event of a no-deal Brexit, Mr Glen said: “I don’t have a crystal ball… [Job losses] will be so contingent on the nature of that no-deal.”
He “fully expects” that Britain and the EU will agree on a deal that would introduce a transition period from next March to avoid a disorderly Brexit.