Many financial service providers could move their London activities abroad. Based on objective criteria, there should be a preference for Frankfurt am Main, says BCG.
About 20 percent of all financial service jobs in London could be moved to other financial centers, says the Boston Consulting Group based on a survey among 360 leading bankers pursued just before the referendum. In a spontaneous ranking, Frankfurt only made it onto place three after New York and Dublin but based on objective criteria, there should be a preference for Frankfurt.
Every city thereby has its advantages and disadvantages: Paris is leading based on quality of life. If service providers are panning on leaving the European market completely, New York is their first choice. “Especially the economic and political stability of Germany, combined with the availability of a qualified workforce, make Frankfurt am Main a top address,” says Dr. Wolfgang Dörner, Senior Partner and Head of Frankfurt’s BCG office. However, Frankfurt must catch up with soft factors such as increasing its internationalism, reducing language barriers, offering affordable living and improving cultural activities for an international audience.