Japanese banks Nomura and Daiwa Securities Group to shift London resources to Frankfurt after Brexit

by

Goldman Sachs and UBS are also preparing to move staff to Frankfurt (Source: Getty)

Two Japanese banks are to shift some of their London operations to Germany as a result of the UK’s Brexit vote.

Nomura is planning to set up a new EU base in Frankfurt, with fewer than 100 UK staff expected to be moved to the German city under the plans.

The firm currently has around 3,000 staff working in Europe, with 2,500 of them based in London. Nomura declined to comment.

Read more: Frankfurt is already seeing interest in the city rise as a result of Brexit

Meanwhile, Daiwa Securities Group today announced that it had “decided to establish a new subsidiary in Frankfurt”.

The statement added: “This arrangement will ensure that Daiwa can continue to service its clients in the EU (Europe Union) after the United Kingdom leaves the EU.”

Wall Street bank Goldman Sachs is also shifting jobs to Frankfurt after the UK’s Brexit vote, as is Swiss firm UBS.

Read more: UBS wraps wealth management business into Frankfurt hub