Talk of soft Brexit delays London bankers’ move
Frankfurt/Davos/Paris — Frankfurt and Paris are set to see a trickle rather than a wave of London bankers arrive in 2018, with the prospect of a softer Brexit discouraging them from leaving Britain immediately, executives and lobbyists say. Both cities had been positioned to benefit as Britain prepares to leave the EU, prompting London banks to seek a foothold elsewhere in order to continue taking full advantage of the EU single market. But conciliatory signals from British Prime Minister Theresa May and progress in talks with Michel Barnier, the European Commission’s chief negotiator, have prompted some banks to delay large staff moves, at least for now. Frankfurt’s chief promoter, Hubertus Vaeth, had expected up to 6,000 arrivals in Germany’s financial capital in 2018 in the event of a hard Brexit. He said he had now pared back that assessment to less than 1,000.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.