RiskBrexitFrankfurt – chief contender to poach London’s business?

Frankfurt - chief contender to poach London’s business?

With European cities competing to steal London’s crown as a global financial hub, it’s being claimed that the German city is a front-runner to poach City jobs.

With European cities vying for a piece of London’s historic financial hub, the Financial Times reports that Frankfurt is a front runner to poach City jobs – although Dublin and Paris are among other strong contenders. However, these alternative locations need to determine their attractiveness and align these attributes to meet the needs of the financial services sector.

That said, there are many different types of financial operations, ranging from asset management and commercial operations through to insurance and clearing, all of which operate in different markets and have different needs and requirements. It does not make sense to suggest that one base suits all types of banking operation.

With Article 50 being triggered next week, there is speculation London will lose its status as one of the largest financial capitals in the world. However, it’s important to remember the city will likely remain as an important, if not prolific financial centre – not only due to the number of financial services companies who have a stronghold in London, but because of it being one of the largest European cities which has the skills and demand to meet the financial services sector’s needs.”

This is not a time for UK financial services companies to wait and see, it’s a time to act. There are a range of things for financial services to consider, such as market access, potential unwinding, regulatory implications, staff and functions previously off-shored to other European member states, location of clients and competition for talent.

We believe locating the right parts of your business in the right place at the right time can reduce operating costs by as much as 60%. By analysing the structure and methods of your financial services business, you can implement programmes to improve the organisations performance, helping it to improve its market position in unpredictable environments.

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