From the timeless grandeur of Paris to the storied pubs of Dublin, from the urbane boulevards of Milan to the vibrant plazas of Madrid, Europe offers a tantalizing panoply of options for banks looking to leave post-Brexit London. It also offers Frankfurt.
As an act of public service journalism, we've done our utmost to highlight the chief benefits – for individual bankers as well as their employers – of moving to Frankfurt. Here's what we've found: The air is nice. It's cheap. It's in Germany. Admittedly, it's not much to go on. Deutsche Bank is so unmoved by the city's charms that its executives have even seemed to forget they're headquartered there.
But for those who enjoy the sound of euros jangling in their pockets, there's one clear upside:
Robert Walters, founder and chief executive officer of the eponymous company, said any banks hoping to move work to European cities such as Frankfurt would find “there’s nobody to hire.” Walters, whose company recruits for finance roles, said certain skills were concentrated in London.
Salaries would “go through the roof” in order to attract workers with the necessary skills, Walters said...
Congrats! You may be moving to the town affectionately described by its own representative as “something between a cemetery and a backwater,” but at you'll be able to afford regular flights to somewhere fun. The flipside of labor-shortage-induced wage pressure is, of course, a shortage of labor, which in this case means any type of “scene” at all. But seeing as Frankfurt has basically become the post-Brexit default, it may not remain that way too much longer. Especially if Jamie Dimon can get over his stubborn francophilia.