What impact will Brexit have on FRM?

The United Kingdom’s exit from the European Union forces financial institutes to move if they wish to continue conducting financial transactions in the EU. How do things currently stand?

To date, four of the five major American investment banks have decided to relocate business to Frankfurt. Four of the five large Japanese banks have likewise opted to move to Frankfurt. Then there are more than ten additional banks that are increasing existing capacity or re-establishing themselves in Frankfurt.

Here are some details that have already been published on the plans of the American and Japanese banks:

Citigroup (USA) The financial institution considers Frankfurt its first choice as headquarters for securities trading inside the European Union. Technical preparations are underway.

Goldman Sachs (USA) The investment bank has secured office space in the Marienturm high-rise in Frankfurt’s banking district to be ready to expands its operations in Germany.

JPMorgan (USA) The bank currently employs 450 staff members in Frankfurt. In anticipation of what is to come, it has rented an office story for a further 200 employees. In total, the bank may be relocating more than 4,000 jobs from Great Britain. Bank CEO Jamie Dimon stated at the World Economic Forum in Davos that this would be the case in the event of a hard Brexit.

Morgan Stanley (USA) The bank has rented additional office space in Frankfurt. It is expected to double its staff numbers in Frankfurt in the coming years from currently 250.

Daiwa Securities (Japan) The Japanese securities trader is currently busy setting up a subsidiary in Frankfurt.

Mizuho Financial Group (Japan) The subsidiary Mizuho Securities announced in late June 2017 that it is to relocate its European headquarters from London to Frankfurt.

Nomura Holdings (Japan) The investment bank has applied for a banking licence in Germany to be able to conduct its EU business from Frankfurt in future.

Sumitomo Misui (Japan) In July 2017 the institute announced its intention to set up subsidiaries in Frankfurt to handle its banking and securities operations.

Photocredit: Shutterstock

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