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02/04/2022

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Is it clear who will become the financial industry center in the EU if london leaves? (France?) Germany with Deutsche Bank? https://www.investopedia.com/ask/answers/032315/what-countries-represent-largest-portion-global-banking-sector.asp

Hi Erik,
My best guess is Frankfurt, because of the presence of the ECB. Others have suggested Dublin (favorable tax system), Paris (nice place for bankers to live in) or Amsterdam. Banks seems to be hedging their bets a bit by spreading their office openings among these cities, but in the end geographic concentration makes sense to have a deeper talent pool, critical mass, etc.
I also think London will remain the biggest financial center in Europe for a long time to come, even if clearinghouses can no longer cater to the continent. The process will take a lot of time.

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