Germany is trying to attract bankers to Frankfurt after London may risk losing its status as Europe’s financial hub post-Brexit.
To make this a reality, Europe’s largest economy is looking to ease its labour laws. If enforced, Frankfurt could become a serious contender to London, from where employers are looking to move their operations to mainland Europe.
Data gathered by the Financial Times clearly demonstrates that Frankfurt is the most attractive location in Europe after London. Seven out of the 10 global banks had a subsidiary in Frankfurt, according to the news daily. It edges out Luxembourg, where five banks have their branches, and Dublin and Paris, which both have a presence of four banks.
As Deutschland, as Germany is also referred to as, is home to a total of 2,500 banks, the heads of banks plan to develop their branches or rev up their subsidiaries, some of which are in a sort of slumber, in this country. It is likely to give Frankfurt a head start over any other European city to attract operations of banks mulling moving out of London in Eurozone.
Many bankers are said to have been impressed by pitches made for Frankfurt. One senior executive was quoted by the Financial Times as saying that they were putting in efforts to be more flexible. They told the bankers to collaborate with Frankfurt than about competition.
But more has to be done to Frankfurt to make it a more enticing destination as Amsterdam and Paris are giving it a stiff competition.
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