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Frankfurt group in call to London banking businesses

Published 07/07/2016

A Frankfurt-based lobbying group has thrown down the gauntlet to London
A Frankfurt-based lobbying group has thrown down the gauntlet to London

A Frankfurt-based lobbying group has thrown down the gauntlet to London, saying the city's "doors are wide open" to the capital's banking businesses following the Brexit vote.

Hubertus Vath, managing director of Frankfurt Main Finance, said the city was seeing an upsurge in interest from property brokers and it was now "relatively clear" that some banking operations would switch from London to the German financial capital.

He said: "Frankfurt could take some derivatives-trading business and regulatory activity from London. German, Swiss and US banks are most likely to move and it is relatively clear that trading activities will shift to Frankfurt.

"Compared to the lasting instability in the United Kingdom, Frankfurt represents openness, stability, capable infrastructure and favourable conditions."

His comments come after a report by the Boston Consulting Group said u p to 80,000 jobs could be transferred out of London and into rival financial centres following Britain's vote to leave the European Union.

It found that a round 20% of the capital's banks and financial services jobs look set to be switched overseas, with Frankfurt trumpeted as the "most attractive location" among bankers.

Mr Vath, who previously worked at Deutsche Bank, added: "We have our arguments polished and a comparative study on hand.

"We will have people on the ground, we will go on a roadshow to London and other cities in the UK, just to mention a few activities.

"We want to send the message loud and clear: 'Welcome to Frankfurt. How can we help you?' The welcome banner is hung and Frankfurt's doors are wide open."

Frankfurt's financial sector employs around 70,000 people, according to a study by German bank Helaba.

JP Morgan, HSBC and Goldman Sachs all said prior to the vote that thousands of jobs in the City of London could be moved to the continent in the event of Brexit.

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