Top banker predicts GERMAN economic crisis if Brexit sees 200,000 bankers 'flee London'
A TOP German banker has revealed that Europe will become embroiled in fighting if 200,000 bankers leave London after Brexit.
Top German banker reveals 200k bankers could 'flee London'
Andreas Dombret, a board member at Deutsche Bundesbank, told Bloomberg News that banks had to be "very, very, very careful" as Brexit nears.
The warning comes alongside reports up to 200,000 bankers "could flee" London if the City loses passport rights after Brexit.
Speaking from a trip to Japan, Mr Dombret said most bankers he spoke to expected a "hard Brexit or very hard Brexit".
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JP Morgan and Goldman Sachs revealed plans this week to move hundreds of their London staff to Frankfurt, Luxembourg and Dublin.
Mr Dombret said that major financial risks in Brexit could severely destabilise Europe.
He suggested that the forecasted drain of bankers from Britain sparks a tense fight in Europe.
The banker said: "We have to be very very very careful that we don’t have a regularity race in the eurozone with one country trying to market its financial centre over others and making promises it cannot keep.
"We need to resolve this - or else this presents a major stability risk for Germany."
Up to 200,000 bankers "could flee" London if the City loses passport rights after Brexit
JP Morgan and Goldman Sachs revealed plans this week to move hundreds of their London staff
Most bankers expect a hard Brexit, or very hard Brexit
This scenario would mean a fight between EU countries to be the financial capital of the continent.
If dozens of countries tried to incentivize themselves as destinations for banks, Europe could be hit with instability and crisis.
However, Mr Dombret confirmed that London "will remain an important financial centre and a big proportion of their HR force will stay".