Frankfurt - a city on the rise
as WSO always seems to be very American I thought i'd start an European discussion
There was an article on Bloomberg last week giving updates on which banks are moving headcount from London to Frankfurt/Paris/Dublin. (headline: "Brexit Winner Frankfurt gets another shot a Finance Stardom")
Nomura, Sumitomo Mitsui and Daiwa have picked Frankfurt and MS apparently is close to picking Frankfurt as well.
UBS and GS are moving up to 2500 people to Frankfurt.
Deutsche is rumored to move most of its trading & sales operations to Frankfurt for logistic and cost cutting reasons.
I working at a Cash Equity sales desk in Frankfurt (3+ years) and have lived here all my life so here are my 2 cents:
Frankfurt is a bit too small (even when including the suburbs and surroundings) - essentially I am just scared my rent will explode. Also one reason London is a major financial hub is because of the AM & HF money managed out of London + Insurance and reinsurance while there are only 4 large AMs in Frankfurt (Deutsche AM, Allianz GI, Union, Deka). On the other hand Frankfurt has already hosts a lot of banking operations + the ECB which is a major plus. Also the regulator Bafin is one of the few prepared for more complex financial products.
On the plus side i think that there will be a lot of hiring in terms of S&T in Frankfurt due to people not leaving London for Frankfurt.
regarding Frankfurt itself:
I love Frankfurt and all my mates who moved here love it too. It has the metropolitan feel while still being really small meaning you can get anywhere within 20 mins which imo makes socializing a lot easier compared to London, Paris, Dublin, Berlin, Hamburg etc. Also all of you sports car owning bankers could finally use your cars properly going 300km/h on the A5.
What are your thoughts?
(happy to answer any questions about Frankfurt, changes going on right now etc)