Frankfurt's BREXIT GRAB: Finance chief claims 8,000 British jobs heading to Germany
CITY bosses in financial hub Frankfurt claim 8,000 banking jobs are heading from London to the German city as a result of Brexit.
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Gertrud Traun, chief economist for the Hess-Thuringia State Bank which released a new study this week putting Frankfurt ahead of European rivals Paris and Dublin, revealed the figure.
He said: "We expect at least half of the London-based financial jobs to be moved to Frankfurt."
Frankfurt's BREXIT GRAB: Finance chief claims 8,000 British jobs heading to Germany
We expect at least half of the London-based financial jobs to be moved to Frankfurt
By the end of 2019, a four per cent increase in employment is expected in the city's banking sector.
In total, up to 88,000 additional jobs are expected to be created by the bankers' influx, - in the transport industry, construction, education and health sectors.
By the end of 2019, a four per cent increase in employment is expected in the city's banking sector
Some 15 financial heavyweights in London have indicated their intention to relocate to the city on the River Main, including the American heavyweights Citigroup, J.P. Morgan and Goldman Sachs.
The four Japanese banks - Nomura, Daiwa Securities, Sumitomo Mitsui and the Mizuho Financial Group - have already opted for Frankfurt. The British bank Standard Chartered and the Swiss UBS have also mooted Frankfurt as their new base.
Frankfurt came seventh in a recent quality of life survey, ahead of Paris, Amsterdam and Dublin. London was 40th on the list.