Germany Economy: Frankfurt eager to become Europe's banking hub



morgan stanley deutsche bank Goldman Sachs and Citigroup some of the biggest names in the banking world are beefing up their presence in Frankfurt the German city has a population of just over 700,000 that's about the same number of people employed in financial services just in London even so Frankfurt is eager to reinvent itself as Europe's new banking hub after Britain leaves the European Union 15-20 years back where Frankfurt was considered to be a bit of a sleepy city and beautiful cultural backwater so we've been taking the opportunity to highlight and show the recent developments over the last 20 years in Frankfurt and people who came saw and said wow this is London's financial beating heart Canary Wharf and the building behind me is JPMorgan its relocating up to 1,000 bankers to other cities just a couple of minutes walk away and we're at Deutsche Bank it's said to be moving 4,000 of its staff one of the highest numbers among its banking peers and here at HSBC they're warning up to 1000 jobs could be moved from London and all of this before we've even heard if we're in for a soft or hard breakfast many cities have been vying for London's banking business the French government along with President Emmanuel macron have been talking up Paris they're promising to remove the highest level of payroll tax keep regulations competitive and of course cut the corporate tax rate from thirty three percent to twenty five percent but they may be too late to the party the Germans reportedly starting their planning less than a month after last year's brexit vote it's only the the connectivity of Frankfurt as a city the infrastructure is a lot certainly a lot more prevalent than it was four than it is for example in Paris or in Dublin or in Amsterdam obviously things need to be done you just look at the skyline of London the city canary wharf compared to the skyline of Frankfurt there's a lot of buildings that they have to be built there bankers like big shiny offices so where they can't just pitch up on day one and say hey where's my office there's a lot of building that's gonna have to be that's going to have to be done a sense of job boobs are just that at this stage announcements and even those lobbying for that business to agree they can't still all of London climate we are not out there in in doing damage to London now we believe London is continues to be very important water for German industry as as a gateway to through the world finance a recent report from financial consultants Oliver Wyman found the UK could lose forty thousand jobs in the wholesale banking sector after brexit there's no mass walkout just yet but this much sleepiest city has ambitions to become the new financial powerhouse of Europe but with others also vying for that crown slightly to have a fight on its hands Katie Gregory in London put TRT world you




Comments
  1. Frankfurt is a small city with a poplation of 750.000. But it is not a sleepy city. It is one of the worls "Alpha Citys"! The metropolitan area is about 2 million inhabitants. A economic power house. One of the biggest airports in the world. And very importent, one of the top ten world citys with best live quality! Around Frankfurt you have a romatic landscape. Every body love it!

  2. Banks will not relocate as The City of London is independent of UK and a tax haven for all these corrupt banks. The corrupt bankers will stay in London to ensure they keep all their Countries poor

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