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Mark Boleat said London would remain a leading financial hub, with only a few banking jobs likely to move.
Urging speedy trade talks, he added: "We would hope that the negotiations go quickly and go well." [...]
But in an interview with the AFP news agency, Mr Boleat said that while a few people would be moved, "no one is going to say 'we are closing down in London'".
"Banks have had contingency plans since before the Brexit referendum in some cases," he said.
"They have known there is a possibility that Britain will not be in the single market - that has now been confirmed."
He said banks would need to "restructure what they are doing - perhaps cease doing a few things, in some cases build up business elsewhere in the European Union. They are getting on and doing that."
Mr Boleat also said it was important the UK reached an early agreement over the terms of its exit from the bloc and on the rights of EU nationals.
That would minimise disruption to "business and consumers in this country - and in Europe," he said. [...]