The expected mass exodus of UK-based bankers because of Brexit could bring up to 100,000 new jobs to Germany's Frankfurt region over the next four years, according to a study published on Friday. Working from the expectation that the initial "Brexit shock" will bring 10,000 banking jobs, and assuming economic growth rates remain stable, the study calculated that at least another 21,300 non-banking jobs would be created in the city of Frankfurt alone. "As the Brexit effect is permanent, the non-financial employment effect will also be long-term," the authors added. Frankfurt is also considered a favourite to host the European Banking Authority which will be leaving its current home in London. Hubertus Vaeth, director of the Frankfurt Main Finance group promoting the city to foreign banks, said the expected jobs bonanza for Frankfurt and the surrounding area was "a real win for everyone involved".

Source: The Local August 25, 2017 07:30 UTC