The Brexit could see £ 12.4 trillion assets siphoned from the city of London to Frankfurt



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 Bus Brexit

An anti-Brexit campaign bus driven by Westminster. (Getty Images)

  • About 750 billion to 800 billion euros of badets are expected to be transferred from London to Frankfurt in the first quarter of 2019.
  • At least 30 financial institutions have chosen Frankfurt as the European base after Brexit.
  • The financial sector of Frankfurt says that 10,000 jobs will leave the UK for Germany.

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 move to Europe 's largest economy by the time that the Britain leaves the European Union on March 29.

This is another indication of the fundamental change underway in the UK financial services sector, which accounts for 6.5% of the economy, while Brexit-related changes remove the country in jobs and jobs. in badets.

See also: The British government has admitted that Brexit will inevitably impoverish Great Britain

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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