November 15, 2017
GERMAN banks are preparing for a hard Brexit and are in the “advanced” stages of relocating out of London, a senior banker has claimed.



European Union cities such as Frankfurt, Dublin and Paris all made a bid for British banks after the UK decided to leave the bloc in 2016.
German Central Bank executive board member, Andreas Dombre, has claimed that banks are in the advanced stages of exiting from London as Brexit looms.
Mr Dombre told CNBC: “First of all, banks will not only relocate to Frankfurt, they will also relocate to other cities, Dublin is also the other large candidate.
“There will be firms going to Paris and also to Amsterdam, which is not bad, which means that the risk will be dispersed across the Eurozone and it won’t be in one city but also not in a huge and large number of cities.

German banks prepare for hard Brexit and are in advanced stages of LEAVING London

“We are not in a race with other cities about who gets what as the outcome of the referendum is still disappointing but has to be accepted.
Mr Dombre added that banks were preparing for a hard Brexit, in case talks collapse, but most banks were in the advanced stages of their relocation.
“Banks are planning on a hard Brexit because they do not know what the outcome is,” he said.
“I think that is a wise thing to do because you have to plan for the worsts case if you are not quite sure what the outcome is. It is not what you wish for but that’s what you prepare for.
“I have been in London very recently and spoken to some of those senior bankers and they are pretty advanced. Pretty advanced in their thinking. We are seeing here in Frankfurt, quite a number of applications and we are in very very close contact with those institutions.



“We are working with them to make sure there is a smooth transition. As smooth as possible and that we don’t run into any financial instability risk which I do not see right now.”
The comments come after last month the chief executive of Goldman Sachs was accused of ramping up project fear after suggesting the financial powerhouse would be leaving London.
Lloyd Blankfein Tweeted: “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit”.
Despite a number of banks moving some staff from offices in London to those on the continent, the majority of jobs are expected to stay in the City.
Michael Bloomberg, who once described Brexit as the "single stupidest thing any country has ever done,” admitted London would stay as a leading financial hub.
He told the Today programme: “London is always going to be the financial centre of Europe for the foreseeable future.
“It has the things the finance industry needs: it is English speaking, it is family-friendly, it has a lot of cultures so you can attract those people here.
“What will happen with Brexit is that some jobs will move – although they may have very well be replaced here – but the growth rate of London as a financial centre will certainly not be what it would be if Brexit didn’t take place.”
The billionaire's company recently opened its new £1billion headquarters in London, where 4,000 employees will work with room for an additional 4,000.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Julia Fox defends viral ‘Uncut Gems’ interview moment: ‘I was stoned’ | Page Six Celebrity News
February 17, 2022
4m-p0_-ePd8
Alexia Echevarria pushed ‘RHOM’ producers to show more of son Frankie’s recovery | Page Six
February 17, 2022
E-wTaN9NfkI
Pete Davidson rejoins Instagram amid Kanye West drama | Page Six Celebrity News
February 17, 2022
SsC3dmsI6t4
Aaron Rodgers And Shailene Woodley Reportedly Break Up | TMZ LIVE
February 17, 2022
FoErdRE8Qe4
Chet Hanks Done Talking About Famous Parents, Becoming Personal Trainer | TMZ
February 16, 2022
5_UrULOkQ6o
Woman Stabbed at Foot Locker During Nike Shoe Release
February 16, 2022
TfuXMs1JdVg
Steph's Freaky Side, "Summer House" & "Love During Lockup"
February 17, 2022
9W_raO0zlA8
Tay or Nay, Offset's Sushi Anxiety & Nick on Monogamy
February 17, 2022
PauYHpJRA6o
Kim Kardashian & North West TWINNING in Matching Pajamas | E! News
February 17, 2022
b-_Oib6R108
Adam McKay - Hollywood Walk of Fame Ceremony
February 17, 2022
tYtzsHoOZzo
Tom Holland, Mark Wahlberg, and the Cast of 'Uncharted' Talk Most Challenging Stunts
February 15, 2022
d3ksX-SKi8c
Ryan Reynolds and Walker Scobell on ‘The Adam Project’, ‘Deadpool’, and Possible ‘Star Wars’ Role
February 16, 2022
5TxJsbJr9Dk
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
04
May
CONCACAF CHAMPIONS LEAGUE: Playoffs
Seattle Sounders - Pumas
04
May
USA: Major League Soccer
FC Cincinnati - Toronto FC
03
May
ENGLAND: Championship
Bournemouth - Nottingham Forest
02
May
ENGLAND: Premier League
Manchester United - Brentford
02
May
ENGLAND: Championship
Fulham - Luton
02
May
SPAIN: La Liga
Getafe - Real Betis
02
May
GERMANY: Bundesliga
Bayer Leverkusen - Eintracht Frankfurt
02
May
GERMANY: Bundesliga
Borussia Monchengladbach - RB Leipzig
02
May
ITALY: Serie A
Atalanta - Salernitana
01
May
ENGLAND: Premier League
Tottenham Hotspur - Leicester City
01
May
SPAIN: La Liga
Barcelona - Mallorca
01
May
ITALY: Serie A
Roma - Bologna
01
May
ENGLAND: Premier League
West Ham United - Arsenal
01
May
ENGLAND: Premier League
Everton - Chelsea
01
May
ITALY: Serie A
Udinese - Inter Milan
01
May
ITALY: Serie A
AC Milan - Fiorentina
01
May
ITALY: Serie A
Juventus - Venezia
01
May
SPAIN: La Liga
Rayo Vallecano - Real Sociedad
30
Apr
GERMANY: Bundesliga
Mainz - Bayern Munich
30
Apr
GERMANY: Bundesliga
Borussia Dortmund - Bochum
30
Apr
ENGLAND: Premier League
Newcastle United - Liverpool
30
Apr
SPAIN: La Liga
Athletic Bilbao - Atletico Madrid
30
Apr
ENGLAND: Premier League
Leeds - Manchester City
30
Apr
SPAIN: La Liga
Real Madrid - Espanyol
30
Apr
ITALY: Serie A
Napoli - Sassuolo
28
Apr
ENGLAND: Premier League
Manchester United - Chelsea
27
Apr
CHAMPIONS LEAGUE: Semifinal
Liverpool - Villarreal
27
Apr
ITALY: Serie A
Bologna - Inter Milan
26
Apr
CHAMPIONS LEAGUE: Semifinal
Manchester City - Real Madrid
25
Apr
ITALY: Serie A
Sassuolo - Juventus
24
Apr
SPAIN: La Liga
Barcelona - Rayo Vallecano
24
Apr
ITALY: Serie A
Lazio - AC Milan
24
Apr
ENGLAND: Premier League
Liverpool - Everton
24
Apr
ENGLAND: Premier League
Chelsea - West Ham United
24
Apr
ITALY: Serie A
Empoli - Napoli
23
Apr
ENGLAND: Premier League
Brentford - Tottenham Hotspur
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.