Frankfurt has benefited from Brexit in many ways

fcb Frankfurt – On June 23, the Brexit referendum will mark its tenth anniversary. And the interim assessment since the United Kingdom’s departure from the European Union is extremely positive for Frankfurt. According to the Global Financial Centres Index (GFCI), the city on the Main was recently able to maintain its position as the leading financial center within the EU.

According to the financial center initiative Frankfurt Main Finance (FMF), 15,000 additional jobs have been created in the financial sector since Brexit. The increase in employment in Germany also remains remarkable in an EU comparison: while employment in the banking sector fell by 0.7% across the euro area and by 0.8% in the EU as a whole, Germany is one of the few countries with a significant increase in jobs. Meanwhile, employment in Frankfurt’s financial sector has also clearly decoupled from the general trend in Germany since 2016.

Another positive factor was that major international banks such as J.P. Morgan Chase and UBS moved their European headquarters to Frankfurt. 60 institutions established or expanded their business in Frankfurt. Foreign banks now account for almost a quarter of all German bank assets, and their revenues have recorded strong growth. Market infrastructure also benefited from Brexit: at Eurex, the number of clearing members and end customers increased enormously.

And the financial center sees itself continuing to gain momentum. New EU regulations are also expected to act as drivers. According to FMF, the EU Capital Requirements Directive CRD VI, for example, could transfer another 1,000 financial-sector jobs and €300 billion in additional balance-sheet assets to the EU. Frankfurt hopes to secure the lion’s share of this.