Brexit news: Frankfurt woes exposed in new report as City set to thrive | City & Business

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Brexit news: Frankfurt woes exposed in new report as City set to thrive | City & Business


Brexit: David Frost on the chances of a financial services deal

And Leigh Evans, vice president of the CityUnited project, said there was no threat to London’s “peerless” status as the financial capital of Europe – nor to its position as the one of the most important financial centers in the world. The report, published by Landesbank Hessen-Thüringen (Helaba), predicts that the workforce of the city’s financial institutions by the end of 2023 will be around 62,200, a decrease of 3,300 from last fall. , or 5%, due to cost reduction. measures.

Mr Evans said: “For the CityUnited project, it is no surprise to see a German loan report indicating that banking jobs in the financial capital of Frankfurt are down and are expected to fall by five percent.

“People will remember that one of the main stories of 2016 – and steadily since – was the almost biblically predicted exodus of banking and financial services jobs from the UK if people voted to leave. .

“London is set to lose hundreds of thousands of jobs to Frankfurt and other cities in the EU27. “

Boris Johnson and Angela Merkel at Downing Street here (Image : GETTY)

Angela Merkel steps down as German Chancellor later this year (Image : GETTY)

In reality, the lost numbers were a “trickle,” Evans said.

He added: “In April, a New Financial report could only identify 7,400 local staff movements or hires following the referendum.

“In fact, the news for the City and for other UK financial centers has always been good.

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Boris Johnson at yesterday’s press conference (Image : GETTY)

Even this month, Wall Street giant Goldman Sachs announced it was launching a new UK transaction bank to provide businesses with day-to-day treasury operations such as payment processing and payroll. . “

Meanwhile, EU companies continued to seek to launch public listings in London, Evans said.

He cited the example of Swedish company Klarna, which is Europe’s most valuable start-up, having raised £ 1 billion so far.

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Chancellor Rishi Sunak

Chancellor Rishi Sunak (Image : GETTY)

Sébastien Siemiatkowski

Sebastian Siemiatkowski, PDG de Klarna (Image : GETTY)

CEO Sebastian Siemiatkowski recently said: “Brexit will be great for the UK.

“People expected all the banks to walk away. I think it is the opposite.

Mr Evans added: ‘On top of that, last week the 2021 Global Fintech Rankings report was released, showing that London is by far the most active city in all of Europe and is growing rapidly, with its sector Flourishing challenger bank.

Frankfurt

Frankfurt is home to the European Central Bank (Image : GETTY)

“Project CityUnited remains convinced that with a new and even more attractive regulatory environment in the UK, London’s unparalleled position as the colossus of banking and financial services in Europe will remain exactly that – unparalleled.

“And the new opportunities that present themselves will make the City an even more exciting place to work. “

In her report, Ulrike Bischoff, Financial Centers expert at Helaba, said: “The regulation of financial services between the EU and the UK is a difficult process, as is Brexit itself.

Frankfurt

Frankfurt is in the west of Germany (Image : GETTY)

“Comprehensive EU equivalency regulation for Britain is unlikely in the near future, and individual equivalency decisions are also uncertain.

“This would mean UK directives with which the EU would be recognized as equivalent.

“For the future, there is a risk of regulatory arbitrage.

“After all, Brexit offers the opportunity to regulate regulations that have long been seen as inappropriate to change for their own market. “

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