Germany fails in bid to snatch billions in banking business from Britain
GERMANY has failed in a bid to snatch billions in banking business from Britain — or to lure thousands of City traders.
Frankfurt tried to exploit Brexit to seize London’s crown but few staff wanted to leave, while firms have stayed due to the pandemic.
One German trader admitted financiers would “rather get fired” or find another job than move.
They said: “A few expat Germans moved back to Frankfurt. That’s it.”
Efforts to snaffle “clearing” trades — which ensure markets tick over — have also been “slower” than hoped, said Deutsche Boerse’s Eurex Clearing.
The London Stock Exchange has reported no discernible shift in them from London.
And Andreas Günther, a senior consultant at FRED Executive Search in Frankfurt, said: “Far fewer jobs have moved than people were hoping for.
“In Frankfurt, the job market for traders is pretty quiet.”
Barney Reynolds, of the Financial Services Industry Group, said London had a “big competitive advantage” over other European cities.
He added: “The UK is the most international global centre.”
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