German banking capital Frankfurt likely to flourish at London's expense
Deutsche Bank CEO John Cryan says the lender's home town is the best-placed city in Europe to win trading business as the UK exits the EU. "Sure, new jobs will be created in cities like Dublin, Amsterdam or Paris," Cryan said in a speech in Frankfurt on Wednesday. "But none of those locations have the structures to really take over a substantial part of the business in London. The only European city that meets these preconditions is Frankfurt." The German city has emerged as the biggest winner in the fight for the thousands of London-based jobs that will be relocated inside the EU in preparation for Britain's exit from the trading bloc in 2019. Deutsche Bank planned to start moving as many as 4000 positions - half its UK workforce - to Frankfurt and Berlin as soon as next year, people familiar with the matter said last month. "Brexit could become a gigantic economic boost for Frankfurt," Cryan said. "It is infrastructure that makes London unique in Europe. If Germany wants to get a ...
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