Frankfurt lobby group expects thousands to move there as interest in the German city rises as a result of Brexit

Rebecca Smith
Frankfurt's charm offensive is underway
Frankfurt's charm offensive is underway (Source: Getty)

Frankfurt hasn't been quiet about hoping to reap some rewards from Brexit, and now one lobby group has said moves had already started as the City faces competition for jobs.

According to lobby group Frankfurt Main Finance, it is already starting to see a pick up in interest, even though a Brexit deal has yet to be decided.

Speaking on the BBC's Today programme, Hubertus Vaeth, head of Frankfurt Main Finance, said already this year, "we see the trickle and a continuous trickle it is".

Read more: Inside the Luxembourg bid to lure in City firms after UK Brexit vote

"We expect almost a thousand jobs to move into Frankfurt, either being moved from London or newly set up in Frankfurt, and within a five-year period of time, we expect 10,000 additional jobs to be created," he said.

The lobby group, which is backed by local government to promote the city, has said there has been an increase in firms seeking information on a potential move, and the level of decision-making is getting higher, so it is confident more will opt for the German city, home to the European Central Bank.

Much of the discussion around possible post and even pre-Brexit moves has centred on financial services, with concerns flagged over the capital's passporting rights, allowing firms to use it as a base for trading with the rest of the European Union.

In January, it was reported that Goldman Sachs was mulling halving its London workforce and moving 1,000 jobs to Frankfurt as part of the plans, while other key operations would move to New York and Europe.

London mayor Sadiq Khan has though, said if a hard Brexit is the outcome of negotiations, banks won’t plump for Europe either, but further afield.

He said last month while giving evidence to parliament's Brexit Committee: "The point I make to my colleagues across Europe is don't assume so-called 'hard Brexit' benefits you. Because if there is so-called hard Brexit, some of these banks, financial institutions, won't go to Paris, Madrid, Brussels, Frankfurt, love them as we do.

"They'll go to New York, Hong Kong, Singapore, Dubai, so so-called hard Brexit doesn't benefit you, our European friends, or I would say London or the UK," he warned.

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