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Banks leaving London could drive 10,000 jobs to Frankfurt

Germany-Berlin-Reichstag-700x450.jpgGerman industry leaders have predicted that 10,000 new jobs will be created in Frankfurt due to Brexit.

Banks are set to transfer assets worth around €800 billion (£712 billion), according to lobby group Frankfurt Main Finance.

Managing director Hubertus Väth tells the Times that some of the moves would start in the first quarter of next year, but more would follow through after that.

30 of the 37 firms applying for new, Brexit-mitigating licenses with the European Central Bank had selected their European headquarters as Frankfurt, Väth  says.

He says: “As long as uncertainty persists most financial institutions prefer minimum solutions.”

The number of jobs created would reach five figures in 2024. Väth had originally estimated that the number would be hit by 2021, within five years of the June 2016 referendum and not eight, so the Brexit growth for Frankfurt is slower than he first thought.

Bank of England deputy governor Sam Woods noted earlier this year that he estimated between 5,000 and 10,000 jobs – and “probably towards the lower end” of that range – would be created across the Continent for banks and insures by March 2019.

Deutsche raided

Meanwhile, reports have emerged this morning that a money laundering investigation has led prosecutors to raid the Frankfurt headquarters of Deutsche Bank.

According to the BBC, prosecutors are investigating claims staff at the bank helped clients “transfer money from criminal activities” by setting up offshore accounts, and have also searched five other Deutsche offices in the city.

Two staff members assisted criminal money laundering, Germany’s public prosecutor alleges.

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