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Frankfurt wins, Brussels gets crumbs

London will soon no longer be The City? In Frankfurt ignites hope. The German city wins, for now, the battle for the tens of thousands of bankers that London will soon be leaving. For Brussels, the remaining there are only crumbs.

Standard Chartered, Nomura Holdings, Morgan Stanley and even Citigroup: the list of international bankreuzen already announced that the Brexit their European headquarters to Frankfurt …

Standard Chartered, Nomura Holdings, Morgan Stanley and even Citigroup: the list of international bankreuzen already announced that the Brexit their European headquarters to Frankfurt moving is getting longer and longer. And more and more impressive. Goldman Sachs and the Swiss UBS have similar resident relocation plans to ‘Mainhattan’, the fast-growing financial centre in Frankfurt, where Deutsche Bank and the ECB, have their headquarters.

With rivals such as Paris and Dublin is that list shorter. Will be much shorter. The Irish capital city of Dublin succeeded for the time being in order – waving with the necessary tax – the British Barclays Bank to rijven. Paris must be mainly HSBC and home, reply to the French bankers. There seems to remain, all lobbies France is so hard that a representative of the City already spoke of a ‘plot to the City to destroy’. Paris hopes to be 20,000, bankers, and builds for them seven new skyscrapers in the La Défense business district

European passport

The motivation for the bankreuzen to the channel to cross, is that all international banks now benefit from a European bankpaspoort. With passport, they have access to the whole of the EU, without being in each state must establish. If Great Britain after the Brexit no longer have access to the European market, it will also with that paspoortrecht done. Which means that the foreign banks in London somewhere within the euro zone, a separate subsidiary to open or an existing subsidiary to expand, without problems on the European continent to be active to be able to continue.

And that’s not all. Also a part of the clearing activities – the settlement of stock exchange transactions, a large and lucrative trade in London – would go to the mainland could disappear. That’s because the ECB supervision requires about that activities in euros.

To 70,000 bankers?

How big is the brain drain will be, remains to be seen. Provisionally, the counter of the news agency Bloomberg for Frankfurt at 3.050, Paris is already ready for 1.780 Brexit-bankers and Dublin for less than 150. But that is only a beginning. According to lobby group TheCityUK will London of 70,000 bankers to the European mainland to see leave; the Brussels based think tank Bruegel keeps it at 30,000.

How will that have serious consequences for the status of London as a global financial centre. According to a report from consulting firm Oliver Wyman would have a hard Brexit, where the UK no longer have access to the European internal market, the British economy up to 12 billion euro can cost.

Although such reports are, of course, with the necessary grain of salt to take. Because of how the Brexit will look like, is still today unclear. In addition, reportedReuters recently that some banks are forecast to have decreased for the jobs that they have to move, because they say that there is a lot of bankers in London remain necessary for the current work.

A Niche Player In Brussels

In the rear must be Brussels for make do with crumbs. Especially in terms of jobs. That for the time being, on one hand to count. Also all scored Brussels on the paper some beautiful names in niche segments as the insurance and financial settlement of transactions.

Since the announcement of the Brexit, took our capital, respectively, the British insurance specialist Lloyd’s, the Australian insurer, QBE, the Japanese insurer MS Amlin, geldtransferdienst Moneygram and financial services provider Euroclear. Allen announced that they have their European headquarters to Brussels will move. But in some cases, including that of Euroclear, provides that in a grand total of zero jobs on. Only at Lloyd’s, we would in the longer term on some of the dozens of jobs hope.

London remains number one

In the City of London they seem to be there already still does not wake up. Despite all the uncertainty around the Brexit is London still well at the top of the list of most attractive financial centres. At least according to the rankings that the consultant Z/Yen twice a year publish.

Frankfurt, Paris, Dublin, Brussels, Luxembourg and Amsterdam and all European cities that are currently quite do their best to make financial institutions from London to them – are not even in the top ten. In fact, except Paris dropped them last week all further away in the prestigious ranking. Or how is the real winner of the Brexit perhaps later still The City will turn out.

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