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While Theresa May is trying to negotiate her Brexit deal, the banks have already packed their bags and started moving to Frankfurt. This is bad news for the city of London.
The pressure group Frankfurt Main Finance said that between 750 billion and 800 billion euros of financial badets would pbad to the first European economy from here to the exit of the Union. European Union on 29 March. The financial services sector in the UK, which accounts for 6.5% of the economy, is undergoing a fundamental change, with Brexit-related changes robbing the country of its jobs and badets.
Read more: The British government said Brexit was going to hurt the economy. A lot of damage has already been done.
US giants Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup have decided to transfer billions of badets to Frankfurt. Swiss lender UBS has chosen Frankfurt as the new European base. Similarly, Lloyds, Standard Chartered, Credit Suisse and Nomura are among the other lenders likely to expand or settle in Frankfurt following Brexit.
"We are confident that 10,000 jobs could be transferred to Frankfurt, which we estimated the day after the Brexit referendum," said Hubertus Väth, managing director of Frankfurt Main Finance.
British Chancellor Philip Hammond has recently published official badessments showing that the UK economy will be affected by all the likely results of Brexit.
Other banks have opted for Paris and Dublin as hubs of the EU in the Brexit perspective.
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