One of the world’s biggest banks is moving traders from Europe to London in a huge vote of confidence in the City.

In defiance of talk that the Brexit vote will see thousands of bankers forced out of town, Dutch giant ING is shifting 40 traders from Amsterdam and 20 from Brussels to its London headquarters in Moorgate in the heart of the Square Mile.

ING says support staff are likely to follow, but that it is too early to say how many.

Percy Rueber, head of ING Financial Markets, said: “The intention to move some functions to London might seem counter-cyclical. However, even after Brexit, London has and will continue to have a deep labour talent pool.”

Bankers saw the move as a clear sign of the City’s enduring strength.

Anthony Browne, chief executive of the British Bankers’ Association, told the Evening Standard: “This is a vote of confidence in London as Europe’s financial capital, but we can’t afford to be complacent.

“It’s vital that the UK continues to offer a welcoming environment for international banks after Brexit.”

Some commentators have suggested that banks will have to send thousands of staff overseas if access to European markets is lost in a “hard” Brexit. Banks say they are making contingency plans, but would prefer to stay in London.

City veteran David Buik, of Panmure Gordon, said: “The sooner the prophets of doom realise that financial markets are global and not parochial the better. ING is one with the foresight to recognise the fact that London is the quintessential financial centre.”

The fall in the pound is making it cheaper for European and American banks with assets in euros or dollars to hire London bankers.

Sterling fell again today, down half a cent to $1.22. If it keeps diving, bankers’ salaries could even rise as foreign banks chase top talent in the City.

ING’s move comes days after French finance minister Michel Sapin insisted trade would flow away from London. “There will be a transfer of activities to the continent. I don’t know what magnitude and I don’t know exactly what activities, but there will be a transfer of business to the continent,” he said.

“That’s the inevitable consequence whatever the outcome of the Brexit negotiations,” he added.

Frankfurt has also been vocal about its desire to lure finance workers. ING is a huge global bank with assets of well over €1 trillion. It has a relatively small presence in London with around 650 staff. It established its presence in London when it bought Barings Bank in 1995.