FRANKFURT (Reuters) - Frankfurt is poised to be Europe’s biggest beneficiary from Britain’s departure from the European Union, but job creation in Germany will fall short of initial estimates, according to a bank study published on Tuesday.
Helaba Chief Economist Gertrud Traud said 3,500 banker jobs would be created in Frankfurt by the end of 2021.
“It will be a bit less than our original estimate of 8,000 jobs,” she said.
That compared to a more optimistic estimate of about 10,000 jobs put out by the city’s lobby group Frankfurt Main Finance (FMF).
While Frankfurt has been chosen by 31 foreign banks from 14 different countries as their post-Brexit location, Paris attracted 11, Dublin 9, Luxembourg eight and Amsterdam five banks, according to the Helaba study.
Bank restructurings offset a lot of the Brexit-related job creation in Frankfurt and total banker numbers working in Frankfurt would by 2021 only increase by 1 percent to 64,500 compared to 2018 levels, Helaba said.
After 2021, total banker numbers in Frankfurt are expected to decrease, it added.
Reporting by Hans Seidenstücker,; Writing by Arno Schuetze, editing by Ed Osmond
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