On Thursday, Citigroup became the latest to announce it will move some of its U.K.-based trading operation to Frankfurt, and the German city expects to welcome staff from 20 banks relocating from London by the end of the year, with nine already committed. Banks like the U.K.’s Standard Chartered and Japanese bank Nomura have already decided to make the city their legal base in the EU and Goldman Sachs has leased additional floors at the top of Frankfurt’s signature MesseTurm, the city’s second-tallest tower. Morgan Stanley will reportedly double its Frankfurt workforce. [...]
Paris has rolled out the red carpet, with promises of tax breaks of up to 50 percent designed to lure London’s high earners across the channel. “Tired of the fog? Try the frogs!” chirped posters promoting Paris’ business district, La Défense. Frankfurt, on the other hand, is letting numbers do the talking, with the city’s marketing arm Frankfurt Main Finance producing listicles setting out “8 reasons to invest in Frankfurt,” touting the city as the “only location worldwide with two central banks (ECB and Deutsche Bundesbank).” [...]
Although the rest of the world was shell-shocked to find that Britain had voted to leave the EU when they awoke on June 24, 2016, the state of Hessen where Frankfurt is located, put up a website the same day to promote the city as the place to be for U.K.-based banks looking for a new home.
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