The City is expected to transfer assets worth 750-800 billion euro to Frankfurt
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London is expected to lose £711 billion of assets as lenders shift operations out of the City in preparation for Brexit.
At least 30 firms plan to move assets to Frankfurt in the run up to Britain leaving the EU in March next year.
Managing director of lobby group Frankfurt Main Finance, Hubertus Vath said: “We expect a transfer of 750bn-800bn euros in assets from London to Frankfurt.”
He believes the majority of this will be transferred in the first quarter of 2019.
He also expects around 10,000 jobs to move out of London. However, he anticipates that this process will take around eight years.
“We stand by the potential of up to 10,000 jobs moving to Frankfurt, which we estimated on day one after the Brexit referendum”, he said.
Mr Vath also notes that a second transition phase could cause further delays.
The UK is set to leave the EU on 29th March 2019. Credit: Getty Images
Several London-based banks are also planning to shift jobs out of the City to Frankfurt or other financial hubs in Paris and Dublin.
JP Morgan previously said at least 4,000 of its 16,000 UK jobs could be moved to the EU.
Citi confirmed that out of 6,000 London staff, around 150-200 will be affected.
Frankfurt Main Finance said financial institutions were prompted to relocate business to the German city due to the “willingness signalled by German politicians” to loosen labour laws.
Theresa May has told businesses she is “determined to deliver'”her Brexit deal. Credit: AfP via Getty Images
A disorderly Brexit that leaves Britain with no deal nor a transition period could see banks lose “passporting rights,” that give them direct access to clients in the EU.
MPs are set to vote on Prime Minister Theresa May’s EU withdrawal bill on 11 December.
If it is not approved it could see Britain crash out of the bloc with no trade deal and no transition period.
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HeadlineLondon expected to ‘lose £711bn of assets’ as banks prepare move to Frankfurt ahead of Brexit
Short HeadlineBrexit: London to lose £711bn as banks move
StandfirstAt least 30 firms plan to move assets to Frankfurt in the run up to Britain leaving the EU in March next year.
London is expected to lose £711 billion of assets as lenders shift operations out of the City in preparation for Brexit.
At least 30 firms plan to move assets to Frankfurt in the run up to Britain leaving the EU in March next year.
Managing director of lobby group Frankfurt Main Finance, Hubertus Vath said: “We expect a transfer of 750bn-800bn euros in assets from London to Frankfurt.”
He believes the majority of this will be transferred in the first quarter of 2019.
He also expects around 10,000 jobs to move out of London. However, he anticipates that this process will take around eight years.
“We stand by the potential of up to 10,000 jobs moving to Frankfurt, which we estimated on day one after the Brexit referendum”, he said.
Mr Vath also notes that a second transition phase could cause further delays.
The UK is set to leave the EU on 29th March 2019. Credit: Getty Images
Several London-based banks are also planning to shift jobs out of the City to Frankfurt or other financial hubs in Paris and Dublin.
JP Morgan previously said at least 4,000 of its 16,000 UK jobs could be moved to the EU.
Citi confirmed that out of 6,000 London staff, around 150-200 will be affected.
Frankfurt Main Finance said financial institutions were prompted to relocate business to the German city due to the “willingness signalled by German politicians” to loosen labour laws.
Theresa May has told businesses she is “determined to deliver'”her Brexit deal. Credit: AfP via Getty Images
A disorderly Brexit that leaves Britain with no deal nor a transition period could see banks lose “passporting rights,” that give them direct access to clients in the EU.
MPs are set to vote on Prime Minister Theresa May’s EU withdrawal bill on 11 December.
If it is not approved it could see Britain crash out of the bloc with no trade deal and no transition period.
