According to the Financial Times, Frankfurt am Main is leading the pack among cities chosen by the world’s largest financial institutions leaving London because of Brexit. It is ahead of Paris in terms of banks transferring their capital from London.
Already 10 foreign banks have chosen Frankfurt to relocate their operations to during this year, data from German state-owned bank Helaba showed. Currently their number has reached 25. Leading American banks such as Goldman Sachs, Citi, JPMorgan and Barclays moved to Germany.
Seven major financial institutions opted for Paris during the reporting period, and they have grown to 8 by now. Other megalopolises – Luxembourg, Dublin and Amsterdam – were found engaging by 15 more banks.
Headquarters of major German banks and investment trusts are already located in Frankfurt and experts consider this fact to be an advantage of this financial hub. Besides of that, the largest stock markets, the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) also found their second homeland there.
