BUSINESS

Frankfurt looks to gain 10,000 jobs from Brexit

2017-03-30 18:27 GMT+8 7796km to Beijing
Editor Jin Zixiong
By CGTN's Guy Henderson
With the Brexit trigger pulled, Frankfurt says 10,000 jobs could be heading its way over the next five years.
Frankfurt might lack the luster of the UK capital's skyline, but those trying to convince wealthy banking executives that Frankfurt is the right move still seem confident.
“Frankfurt is not Paris and it is not London. Frankfurt is Frankfurt, it has a lot to offer. Think about families – the price for housing, you can decide to live in the countryside or in the city,” said lobbyist Ralf Witzler.
The headquarters of the European Central Bank (ECB) in Frankfurt, western Germany. /CFP Photo
Another major selling point is that Frankfurt is the eurozone's banking capital.
Brexit negotiations haven't started, yet decisions about relocations are being made now.
Investment bank Goldman Sachs was one of the early movers: it has already hired extra space in one office block. City officials see 10,000 jobs coming to Frankfurt from London over the next five years, as a direct result of Brexit.
Frankfurt certainly has space, as new skyscrapers were planned even before the UK voted to leave. 
Skyline of the banking district in Frankfurt. Frankfurt became one of the most modern city in Europe thanks to rapid post-war reconstruction. /CFP Photo
However, moving takes time. There could be two more years of uncertainty, despite a lot planned ahead. 
Some predict small shifts to several EU cities, but any more will be dependent on the UK's final exit deal. 
“Maybe it turns out that it is more difficult to do business within the European Union than they expected, only with a small unit inside the EU. And then it could be that there are further job losses in the more remote future,” said Dorothea Schaefer, with the German Institute for Economic Research. 
Citizens gather in the center of Frankfurt for a pro-EU demonstration of the "Pulse of Europe" movement on March 12. /CFP Photo
“The intervals between the questions are getting closer and the level of people asking them is getting higher. So we are convinced that a lot of them will decide for Frankfurt,” Witzler however noted. 
He sees another priority for all those vying for post-Brexit jobs – strong links to an undisputed giant of the financial world, London. 
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