More than four years after the vote that took Britain out of the European Union, Frankfurt is emerging the winner among EU financial capitals in attracting London's much-coveted banking business, ahead of Paris, Milan and Amsterdam.
The UK's financial sector is seeking an "ambitious" trade pact between Britain and the EU to try to prevent a costly shift of jobs and business to the continent once the country leaves the bloc, according to a draft report seen by Reuters.
German railway company Deutsche Bahn remains interested in setting up a Frankfurt-London route. The UK’s Brexit vote and potential relocation of financial services to mainland Europe means demand could skyrocket.
US bank Goldman Sachs will move 1,000 staff from London to Frankfurt as part of a post-Brexit reorganisation that will reduce its City headcount by half, German business daily Handelsblatt reported today (19 January).
Britain may have to leave the European Union's customs union when it quits the EU but it can maintain free trade with the bloc, British Foreign Secretary Boris Johnson was quoted as saying yesterday (15 November).