Several U.K. based banks are poised to announce at least part of their business operations are being moved from London to other European cities, with countries on the continent scrambling to attract top financial officials.
Where would the bankers prefer to go, if they have to pack up and move? Movinga, an online removalist platform has published a survey of preferred destinations and has come up with some surprises.
Dublin, the Irish capital, is shaping up as a potential relocation hotspot for London's bankers because it shares the language with the UK, taxes are low and flats and houses are still affordable.
Brussels and Amsterdam are also popular with the British banking fraternity, as is Milan in northern Italy.
…but Frankfurt, where is Frankfurt?
The German financial powerhouse and seat of the European Central bank has significant potential as 80% of European banks and 60% of insurance companies already have offices or subsidiaries there. But on the other hand, Frankfurt, doesn’t seem to have the right image to attract well remunerated London bankers. Despite being the birthplace of German literary genius Goethe, Frankfurt is reasonably small in size and has a relatively unexciting reputation.
What then are its chances of becoming the post-Brexit financial capital of Europe?
Experts say it all depends on the US banks. If they decide to move as a block to any destination on the Continent, then that’s going to be the new centre and the other financial institutions will follow.
But then, looking at the huge cost involved, they might stay where they currently are and Brexit will change nothing.
