Over the last twelve months, 10 foreign banks have chosen to move operations and staff from London to Frankfurt, lifting the city’s total tally of “Brexit banks” to 25, according to a new survey by state-owned Frankfurt-based lender Helaba. Among the lenders are Goldman Sachs, Citi, JPMorgan and Barclays.
The French capital attracted seven banks over the period, lifting the total number of foreign lenders that have moved to Paris to eight, while Luxemburg, Dublin and Amsterdam attracted 15 lenders between them.
[...]By 2020, the number of staff employed by foreign banks affected by Brexit in Frankfurt is expected to rise by 2,000 to around 4,500. Longer term, Helaba has predicted this number will rise to around 8,000 jobs in total. However, as German banks are simultaneously cutting jobs, the net effect is likely to be around 2,000 additional jobs, Helaba expects.
Full article on Financial Times (subscription requried)
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article