Guess what? Not too many London-based bankers are willing to leave one of the world’s great metropolises, teeming with cultural riches, to move to sleepy little Frankfurt because of Brexit. Whatever the charms the German city has simply can’t compete with those of the British capital.
While it’s not quite time for Plan B, London banks are delaying decisions and scaling back projections for transferring personnel they need to maintain the advantages of offering financial services throughout the European Union once Britain leaves the bloc. The resistance of London bankers to relocation is also exacerbating the competition for those professionals willing to move to Frankfurt or already there.
Even Deutsche Bank is setting its sights lower as it seeks to woo German natives on their London staff back to their homeland. Germany’s largest bank has scaled back its target for transfers to just a few hundred from the 4,000 originally contemplated.