The proverbial crown jewels of the UK economy, the City of London, may "lose a few jobs" over Brexit to New York and Singapore, but a bigger challenge is the technology revolution in banking, according to the Lord Mayor of London, Charles Bowman.

Brexit "is not a path that the City of London would have chosen, but we are where we are. We may lose one or two jobs, but there will be no mass exits", Sir Charles said in an address to an Australian British Chamber of Commerce luncheon in Sydney on Monday.