Frankfurt expects up to 20 banks to commit jobs and operations to city this year over Brexit concerns

William Turvill
Follow William
New ECB Headquarters Construction Nears Completion
Frankfurt's big wins have included Standard Chartered and Nomura (Source: Getty)

Frankfurt is expecting to win post-Brexit commitments from six new banks in the coming months after scoring a series of big wins this week.

Nine banks have now chosen Frankfurt as the main beneficiary of Brexit-enforced movements, according to Frankfurt Main Finance (FMF), a lobby group which promotes the city as a financial services hub.

And the lobby group expects as many as 20 other banks to have committed to moving jobs or operations to the city by the end of this year.

Citigroup today confirmed that the German city is its first choice for a new EU home for a broker-dealer business. It said it will create 150 new EU jobs across various cities.

It also emerged that Deutsche Bank chief executive John Cryan has told staff that jobs will “inevitably” move from the UK to Frankfurt.

Elsewhere, it was also revealed this week that Morgan Stanley has chosen the city as the location for its new post-Brexit EU hub and could create 200 new jobs there.

FMF managing director Hubertus Vath counts Standard Chartered, JP Morgan and Goldman Sachs as victories for Frankfurt.

StanChart said in May that it was looking to set up an EU subsidiary in Frankfurt, while statements from executives at JP Morgan and Goldman suggest Frankfurt is likely to be their new EU hub of choice.

Japanese banks Nomura, Daiwa and Sumitomo Mitsui are also planning on increasing their presence in Frankfurt as a result of Brexit.

“We have seen now numerous decisions and we expect even more decisions towards Frankfurt,” Vath told City A.M.

“We expect by the end of the year at least 12, and in the best case up to 20, banks will show their hands and make it transparent that they have chosen Frankfurt.”

Read more: Citigroup reveals Brexit plans to create 150 new EU jobs

Related articles