According to a study by Landesbank Hessen-Thüringen (Helaba), the Frankfurt financial center is the biggest winner of the UK's planned exit from the EU. Because financial companies that operate in London so far, must also build a foothold in continental Europe because of Brexit, so they can still offer their services in the future.
In the meantime, 31 foreign banks from 14 different countries have chosen Frankfurt as their new location, according to the study. By far behind Frankfurt follow Paris (eleven foreign banks), Dublin (nine), Luxembourg (eight) and Amsterdam (five).
However, this will result in fewer jobs in Frankfurt than initially expected. Helaba moved away from its earlier estimate that 8,000 Brexit bankers will be settling in Frankfurt over the medium term. "Probably it will be in the sum a little less," said chief economist Gertrud Traud.
The Helaba economists expect by the end of 2021 with about 3,500 jobs, which are created by the Brexit in the Main metropolis. "We expect Brexit bankers to come after 2021," said Traud. How many will be, you can not pinpoint. "That's poking in the fog."
Part of the increase in staff has already taken place in the spring of 2019 because of the original Brexit appointment. The new jobs are primarily due to the establishment of London foreign banks in Frankfurt. By contrast, fewer employees of German banks would come back to the Main than estimated a year ago.
Around 64,000 bankers in Frankfurt
For example, Deutsche Bank, which has a large office in London, has 18,000 jobs worldwide. Commerzbank and Helaba itself are also facing job cuts. Despite the Brexit bankers, according to the study, the number of bank employees in Frankfurt should only increase by a total of about one percent compared with the end of 2018 by the end of 2021 - namely by around 600 to 64,500 bankers.
"This should be the zenith of banking employment in Frankfurt to be achieved," said the Landesbank. After that, the number of jobs will shrink. "The more Brexit bankers come, the slower the process will be," said Traud.
