Frankfurt Is the Big Winner in Battle for Brexit Bankers

By Gavin FinchGavin Finch, Hayley WarrenHayley Warren and Tim CoulterTim Coulter
Last updated:

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 Bank of America Corp. 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

8,100

Destination

not known

 

 

Deutsche

Bank

UBS

Goldman

Sachs

3,050

HSBC

Frankfurt

SocGen

Citigroup

M. Stanley

1,400 Paris

Nomura

150 Dublin

Barclays

JP Morgan

8,100

Destination

not yet known

 

 

Deutsche Bank

UBS

Goldman Sachs

3,050

Frankfurt

HSBC

SocGen

Citigroup

1,400 Paris

Morgan Stanley

Nomura

Barclays

150 Dublin

JPMorgan

8,100

Destination

not yet known

 

 

Deutsche Bank

UBS

3,050

Goldman Sachs

Frankfurt

HSBC

SocGen

Citigroup

1,400 Paris

Morgan Stanley

Nomura

Barclays

150 Dublin

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

UBS

jobs moving to Frankfurt, Madrid and

 

1,500

likely elsewhere

Goldman Sachs

1,000

jobs moving to Frankfurt

HSBC

1,000

jobs moving to Paris

SocGen

400

jobs moving to Paris

Morgan Stanley

Frankfurt, 100 elsewhere

200

Citigroup

jobs moving to Frankfurt

Up to 250

Barclays

150

jobs moving to Dublin

Nomura

Up to 100

jobs moving to Frankurt

Goldman Sachs

 

UBS

 

HSBC

 

1,500

1,000

1,000

jobs moving to Frankfurt, Madrid

jobs moving to Frankfurt

jobs moving to Paris

and likely elsewhere

Morgan Stanley

Citigroup

Société Générale

400

jobs moving to Paris

Frankfurt, 100 elsewhere

jobs moving to Frankfurt

200

Up to 250

Barclays

 

Nomura

 

jobs moving to Dublin

150

Up to 100

jobs moving to Frankfurt

Jobs at risk based on available data

Job moves reported
U.K. staff