London is at risk of losing its “best and brightest” bankers to other financial centres because of a cap on bonuses, research has shown.

The research, by recruitment firm Astbury Marsden, showed 90% of City workers were willing to move overseas for work, up from 77% last year.

The firm said in a statement today that earning potential for senior staff could be much higher in centres such as New York and Singapore due to the EU bonus cap, which restricts banks from paying employees more than one year’s salary as a bonus.

“Traditionally, London has been the location with the most pull for a lot of the best and brightest in the sector, but sharp curbs on bonuses already seem to be prompting more of the City’s top-level workers to consider London’s big rivals,” said Astbury Marsden associate director Adam Jackson.

While the study showed a willingness among senior staff to relocate, this was not the case for more junior workers. At analyst and associate level, only 64% and 54% respectively were willing to move overseas.

“It’s quite worrying that the willingness to leave is much higher among the most qualified and experienced staff in the City. There is never likely to be a shortage of bright young candidates keen to work in London, but retaining experienced staff with the longest track record of success is much more challenging,” Mr Jackson said.