Home » Economy » Bankbranche – Brexit bankers care for ten thousand jobs in Rhein-Main | News

Bankbranche – Brexit bankers care for ten thousand jobs in Rhein-Main | News

Sunday, August 27th, 2017 | Economy

According to estimates by scientists of the WHU Otto Beisheim School of Management on behalf of the Finanzplatz-Lobby Frankfurt MainFinance, the change of any banker who moves from the River Thames to the River Main due to the Brexit is likely to take up to four jobs outside the financial sector In the transportation, construction, education and health care sectors. In one of their scenarios, the authors of the study, published on Friday, believe that up to 88,000 additional jobs are possible in the Frankfurt region.
The scientists are expecting an inflow of around 10,000 bank employees within the next four years to Frankfurt and the surrounding area. Whether so many bankers will move London from the EU to the Rhine-Main region because of the departure of the financial center is completely open. However, some international institutes have already announced that they would increase their staff in Frankfurt or move parts of their business to the Main. The city, as the seat of the European Central Bank (ECB), with European banking supervision, is likely to attract more internationally active moneyhouses – experts and the City of Frankfurt itself will be excluded.
London's function as Europe's financial center will be able to compensate for the fact that, with around 730,000 inhabitants, the small city of Frankfurt does not, however, expect the authors of the now presented study. It is likely that risk experts and regulatory experts will be attracted to the Main and less the dazzling and buoyant investment bankers, Lutz Johanning, who is responsible for the study: "Frankfurt will not get the glitter jobs."
"It's not the City of London"
However, Oliver Schwebel, head of the Frankfurt Economic Development Agency, can well imagine that the fifth largest German city will be able to expand its position as an international financial center. "It is not the City of London, but it can be a small London." Frankfurt has grown strongly in recent years – alone since 2010 the population has increased by ten percent. Among London bankers, the city is comparatively provincial; on the other hand, rents are very low compared to London or Paris.
Fears, the influx of many well-paid bankers to the Main could lead to the repression of poorer people from attractive districts, Schwebel does not however share: "They (the inhabitants) will not be ousted." However, the rental level in Frankfurt has already risen sharply in recent years – even without effects from the Brexit. According to some studies rents are only higher in Munich than in the financial capital of Germany.
If the forecasts of the WHU scientists prove to be correct for Frankfurt, the city's capital would benefit enormously from the influx of Brexit bankers and the job boom they might trigger. The additional revenues for the turnover, income and trade tax could therefore be up to approximately 200 million euro annually more into the cash.
(Reuters)

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