Frankfurt Is the Big Winner in Battle for Brexit Bankers

By Gavin FinchGavin Finch, Hayley WarrenHayley Warren and Tim CoulterTim Coulter
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Frankfurt has emerged as the biggest winner in the fight for thousands of London-based jobs that will have to be relocated to new hubs inside the European Union after Brexit.

Morgan Stanley, Citigroup Inc., Standard Chartered Plc and Nomura Holdings Inc have picked the German city for their EU headquarters to ensure continued access to the single market. Goldman Sachs Group Inc. and UBS Group AG are weighing a similar decision, said people familiar with the matter, asking not to be named because the plans aren’t public. HSBC Holdings Plc is the biggest non-French bank so far to opt for Paris, while Barclays Bank Plc has plumped for Dublin.

London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($2.1 trillion) of assets out of the U.K. on Brexit, according to think-tank Bruegel. The implications for the U.K. are substantial: finance and related professional services bring in some £190 billion ($248 billion) a year, representing 12 percent of the British economy.

We’re tracking jobs that the banks say they plan to move, with updates to follow.

Here’s where U.K. banking jobs might be headed

JPMorgan

8,000

Deutsche

Bank

Destination

not known

 

 

UBS

Goldman

Sachs

3,050

HSBC

Frankfurt

SocGen

B of A

M. Stanley

1,780 Paris

Citigroup

Nomura

Barclays

150 Dublin

JPMorgan

8,000

Destination

not yet known

 

 

Deutsche Bank

UBS

Goldman Sachs

3,050

Frankfurt

HSBC

Societe Generale

Bank of America

Morgan Stanley

1,780 Paris

Citigroup

Nomura

150 Dublin

Barclays

JPMorgan

8,000

Destination

not yet known

 

 

Deutsche Bank

UBS

Goldman Sachs

3,050

Frankfurt

HSBC

Societe Generale

Bank of America

Morgan Stanley

1,780 Paris

Citigroup

Nomura

Barclays

150 Dublin

Banks weighing moving jobs from the U.K. to these cities

UBS

1,500

Frankfurt,

Madrid and

elsewhere

 

Goldman Sachs

1,000 Frankfurt

HSBC

1,000 Paris

Societe Generale

400 Paris

Bank of America

300 Paris

Morgan Stanley

200 Frankfurt,

80 Paris

 

Citigroup

Up to 250 Frankfurt

Barclays

150 Dublin

Nomura

Up to 100 Frankurt

Goldman Sachs

 

UBS

 

HSBC

 

1,500 jobs moving to Frankfurt, Madrid

1,000 to Frankfurt

1,000 to Paris

and likely elsewhere

Morgan Stanley

Societe Generale

Bank of America

400 to Paris

300 to Paris

200 to Frankfurt, 80 to Paris

Citigroup

Barclays

 

Nomura

 

Up to 250 to Frankfurt

150 to Dublin

Up to 100 to Frankfurt

Jobs at risk based on available data

Job moves reported
U.K. staff