Brexit is gaining momentum. Coinciding with the first official announcements from financial institutions moving business units from the Thames to the Main, movement is being observed in the labor market. “We are currently experiencing an unprecedented onslaught of unsolicited applications from London for the offices in Frankfurt,” said Christopher Schmitz, Partner, EY EMEIA Financial Services. “This is true for both internal applications from consultants from within the company, but also for external applicants, especially by people of Indian origin. The interest in Frankfurt is great.”
Dr. Rolf E. Stokburger, Managing Partner at Boyden, a global HR consultancy specializing in management, made a similar observation, “Senior bankers are among the more proactive applicants. They are eager to be part of the success story in Frankfurt and leverage the opportunities of early entry.”
Thomas Deininger, Managing Director of Deininger Consulting, a global consultancy headquartered in Frankfurt with offices in London, Dehli, Mumbai and Pune, amongst others, says, “London’s banks are behaving increasingly hesitant. Our contracts there have reduced dramatically and recruiting has declined by 30 to 50 percent. On the other hand, we have increased interest in Frankfurt. The number of unsolicited CVs has certainly increased by 20 percent. There are a lot of actors in the financial sector currently taking part in exploratory talks with us.”
“We are currently experiencing the early phases of an evolving, radical shift in Frankfurt’s labor market,” says Hubertus Väth, Managing Director of Frankfurt Main Finance. “Banks are now discussing with their teams how they implement relocations to Frankfurt,” Väth continued. “These decisions will be made well in advance and require months of preparations. This affects not only the employees, but also their families.”
The great interest in the Financial Centre Frankfurt from India is remarkable, but not surprising. According to data from the City of Frankfurt, the Indian community in the Rhine-Main region is by far the largest in Germany and the Orbis database shows more than 130 Indian companies in the region in 2017. It is the preferred investment destination for India within the Schengen zone. And not least, more than 40 Indian IT companies, 9 of the top 20 Indian IT companies, are based here.
“In our offices in Delhi, Mumbai and Pune, interest in working in Frankfurt is also increasing,” says Thomas Deininger. “The 2016 Global Innovation Index sees Frankfurt as a leading German innovation cluster at number 12 in the world, ahead of London (21) and Berlin (30). Frankfurt is a particularly attractive location for innovative companies,” adds Hubertus Väth.