What is the total job growth in Frankfurt and its surrounding area as a result of the Brexit? This and other questions were discussed by journalists with representatives of WHU, company Frankfurt Economic Development, and Frankfurt Main Finance. The occasion was the publication of the study Winning Frankfurt: Brexit Bankers Bring More Welfare To Frankfurt Than Just Their Jobs.
13 journalists came together in the premises of Frankfurt Main Finance, where Professor Dr. Lutz Johanning and Moritz C. Noll from the Chair of Empirical Capital Market Research at the WHU – Otto Beisheim School of Management, Oliver Schwebel, Managing Director of Frankfurt Economic Development, and Hubertus Väth, Managing Director of Frankfurt Main Finance, presented the latest study “Winning Frankfurt: Brexit Bankers Bring More Welfare To Frankfurt Than Just Their Jobs” on August 24th.
It was already obvious in advance that the Brexit would lead to a relocation of jobs in the financial sector from London to Frankfurt. Well-founded estimates assumed a figure of around ten thousand jobs over the next four years. But the growth in jobs as a whole generated by the Brexit is much higher, according to the results of the study. The study has focused on the multiplier effects, and therefore on the question what growth will result for other sectors and industries from an increase in the number of Frankfurt banking jobs. The result shows that this effect is 2.1 to 8.8 times higher – depending on the area under consideration. Therefore, in the most optimistic case, if one assumes a figure of ten thousand new bank jobs in Frankfurt, up to 88 thousand new jobs can be created during the following four years in the Rhine-Main region.
Winning Frankfurt: Brexit Bankers’ Welfare Effect Beyond Bringing Their Jobs [Download]
Picture credits: Frankfurt Main Finance