In their new study, Helaba ranks the Financial Centre Frankfurt’s largest banks by employee strength for the first time. This new, survey-based ranking comprises the twelve largest banks and three major financial institutions. “Together, these players together make up more than three quarters of local bank employment – a broad basis for our employment forecast,” explains Dr. Gertrud R. Traud, chief economist at Helaba.
The consolidation-related staff cuts in the Frankfurt are expected to remain manageable. “A major reason for this development is the increasing need in the financial services sector as a result of new, more stringent regulatory requirements,” said Traud. First off, commercial banks require staff for the implementation of the new regulatory requirements. Secondly, by the end of next year, approximately 1,000 people are likely needed to build up the Single Supervisory Mechanism under the umbrella of the European Central Bank. “Through the acquisition of European bank supervision in Frankfurt, the financial centre will again be reaffirmed as the centre of European monetary and banking policy,” says Traud.
By the end of 2015, Helaba experts expect a total of about 61,300 bank employees in the Main Metropolis. Based on the latest available information in accordance with the new zoning for the Frankfurt area labour bureau (Q1 2013: 62,250), prediction means about 1,000 fewer jobs, a 1.5 percent reduction. The crisis induced personnel adjustments since the end of 2008 amount to a loss of 3,500 jobs. Considering this, the decline in employment in Frankfurt is lower compared to other financial centres.