London Brexodus Underway as Financial Firms Relocate 1,000 Staff
- Frankfurt lobby group says around 10,000 will eventually move
- Banks accelerate hiring plans in time for Britain’s EU exit
Have U.K. Citizens Changed Their Minds on Brexit?
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Financial-services companies will have moved more than 1,000 people to Frankfurt by the end of April in preparation for Britain’s departure from the European Union, according to an industry lobby group.
Banks are accelerating their local hiring plans and have moved in teams of people from the U.K. to ensure their new EU headquarters are up and running by March 2019, said Hubertus Vaeth, managing director of Frankfurt Main Finance. Professional-services firms have relocated hundreds of employees in anticipation of bank moves, said Vaeth, who expects as many as 10,000 jobs will move to the German city in the next few years.