London is poised to lose €800bn ($908bn) in assets to Frankfurt as 29 banks and financial companies choose the German city for their new European headquarters ahead of Brexit, according to lobby group Frankfurt Main Finance. Lloyds, Standard Chartered, Credit Suisse, Citigroup and Nomura are also considering new or expanded offices in Frankfurt because of Brexit uncertainty. The majority of assets are expected to move from London to Frankfurt in Q1 2019, said Hubertus Väth from Frankfurt Main Finance. The Bank of England expects job losses in the City of London of around 5,000 by 30 March 2019.
London is poised to lose €800bn ($908bn) in assets to Frankfurt as 30 banks and financial companies choose the German city for their new European headquarters ahead of Brexit, according to lobby group Frankfurt Main Finance. Lloyds, Standard Chartered, Credit Suisse, Citigroup and Nomura are also considering new or expanded offices in Frankfurt because of Brexit uncertainty. The majority of assets are expected to move from London to Frankfurt in Q1 2019, said Hubertus Väth from Frankfurt Main Finance. The Bank of England expects job losses in the City of London of around 5,000 by 29 March 2019.