Frankfurt To Replace London As Europe’s Financial Center Post-Brexit?
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Germany is gearing up to receive bankers fleeing the UK as Brexit moves forward, with Frankfurt (Germany's main financial hub) expecting an influx of 10,000 British financial services workers.
That is according to the lobby group Frankfurt Main Finance, which said the exodus will begin in the next few weeks, Bloomberg reports. Germany is doing what it can to make the transition easy for British banks. Germany’s financial regulator recently said it will let the majority of banks move operations while keeping their capital requirement models intact for up to two years.
According to people familiar with the matter, Citigroup, Goldman Sachs and UBS Group, among others, are considering making Frankfurt their new EU headquarters. [Bloomberg]