Brexit billions exit London

Brexit billions exit London

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London will lose up to €800bn in assets to Germany by March next year, as banks shift their business operations to the continent before Brexit, according to Frankfurt Main Finance.

FMF also said that 30 financial institutions had applied to the European Central Bank to move their headquarters to Frankfurt.

Hubertus Vath, managing director of FMF says he expects additional assets to be transferred to the German city over time as a number of banks will initially move only what is required.

"Banks face the decision of either relocating only what is absolutely necessary or preparing for the relocation of their entire business,” he adds.

FMF anticipates that up to 10,000 UK jobs will move to Frankfurt over the next eight years.

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