The financial center Frankfurt has a good chance to emerge as a relative winner from the adjustment process in the financial world brought on by the crisis. So far, the number of banks has barely dropped in the wake of the financial crisis, and the metropolis on the Main has proved itself an attractive center for foreign players. Several foreign banks are planning to expand their business activities and are already looking for more highly qualified specialists.
The trend toward a concentration of German banking employment in the financial center on the Main also limits the job reductions in Frankfurt. Between now and the end of 2012, we expect to see a decline in employment of around 3 % at Frankfurt’s banks as a result of consolidation, which means that we have halfway to go. The overall decline in jobs of 6 % would thus be only half of what it was after the bursting of the dotcom bubble.