Meanwhile, a shortage of skilled workers is rampant across all industries in Germany. Many institutions in the German banking center are also looking for good personnel, especially for the areas of sustainability, digitization and regulation. In the long term, the shortage of skilled workers in the banking industry is expected to accelerate. The retiring, strong baby boomer cohorts are being followed into the workforce by much weaker cohorts. This is accentuated by the fairly high average age in the financial sector.
“Thus, the shortage of skilled workers is a significant determinant of employment development in the banking towers here, and demography is even the limiting factor,” says Ulrike Bischoff, author of the study. The consolidation process is likely to continue for the time being. Parallel to this, a continuation of the domestic concentration on the Frankfurt banking center is to be expected.