Germany’s biggest Bank, the Deutsche Bank is moving most of it’s resources back to Frankfurt. This makes sense for a major EU bank to be inside the European Union, ready to serve all its existing customers. Nomura the first Japanese securities firm to choose a location in the EU after Brexit
The lost could be a few hundred jobs, and an unknown amount of tax revenue. Plus the City’s reputation will change.
Frankfurt has been selected by the Japanese Bank Nomura after Brexit. Frankfurt is a lot cheaper location than London, so this will have played into the decision. Another reason is the location of the European Central Bank, and other international Banks. Nomura is Japan’s biggest brokerage firm, this makes this a very important story,
Yet another US bank has chosen to make a move from the UK into Europe, based in Frankfurt. The numbers of staff at the Standard Chartered Bank may be small but the effect tax’s for the UK should not be under estimated. This is not just for a year, but many years to come.
Banks accept the growing likelihood that they will lose the automatic
right to sell banking services from London. More on this story at the Independent.
A major event is the decision by Morgan Stanley to relocate to Frankfurt after Brexit. If the impossible happens and the UK remains, the damage will already have been done, the jobs will not return. A lease for offices in the Omniturm has been signed.
These plans will have a long term impact of the financial health of the country. Taxes will be lower and less employment.
