Frankfurt Lays Claim to Wall Street Banks After Brexit

The five largest U.S. investment banks are set to move hundreds of key staff within two years from London to Frankfurt, the city’s chief lobbyist told Reuters, in a move that could bolster Germany’s role in global finance.

Hubertus Vaeth, who has been promoting the city to banks since Britain voted to leave the European Union last year, told Reuters he expected a “significant chunk” of their operations to come to Frankfurt.

“That means, in the case of JP Morgan, Morgan Stanley, Goldman Sachs, Citigroup and Bank of America a move of more than 1,000 jobs in total to Frankfurt, which will happen by the end of Brexit talks,” said Vaeth, who heads Frankfurt Main Finance.

Vaeth’s remarks come as rival centers, chiefly Frankfurt, Dublin, Paris and Luxembourg, make a final push to win banks searching for a foothold in the European Union after Britain’s departure limits their freedom to

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