Frankfurt could be a smaller version of London post Brexit according to a city official in light of a study that shows tens of thousands of jobs could be created for finance professionals.
The research, commissioned by city promoter Frankfurt Main Finance, predicted that there will be 10,000 bankers and finance professionals in Frankfurt within four years, which could create more than 41,000 further jobs across numerous sectors, Reuters reports.
“It’s not the City of London but perhaps it can become a little London,” Oliver Schwebel, chief executive of Frankfurt Economic Development, says.
This year has seen banks eyeing other cities as a base to allow them to circumnavigate the post Brexit costs and trade issues of selling their products across the continent.
Last month Citigroup was said to be considering Frankfurt as a base for its EU operations after Brexit while Deutsche Bank is looking to re-home many of its trading and investment-banking assets back to Frankfurt.
Goldman Sachs is planning to double its 200-strong headcount in Frankfurt.