'Turning the tide': Frankfurt attracts London banks

Hubertus Vaeth was considered crazy when he launched a Frankfurt initiative to lure banks there after Brexit.

Since the vote, banking giants Morgan Stanley, JP Morgan, and Goldman Sachs have said they will shift more than 350 billion euros in combined assets from London to Germany.Brexit, as Vaeth said, marks an"opportunity to turn the tide" of"30 years of continuously losing business to London.""At 7 in the morning after the referendum we pressed the button and the campaign ran," he said, promoting themselves as a"new London Bridge.

"Under EU rules it's possible for staff in London to execute transactions in the European subsidiary from their desk in London. That ceases to be possible on January 1," he said. He estimates that an influx of post-Brexit bankers would drive up prices"crazily" for residential properties.Already, the switch has been visible in the type of business being done in the city, which is also home to the ECB.

Source: News Formal (newsformal.com)

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