Other institutions beefing up their Frankfurt offices include Daiwa, Sumitomo Mitsui and Nomura of Japan, VTB of Russia and Woori Bank of South Korea. Frankfurt, home to the European Central Bank and the German Bundesbank, already hosts the biggest European operations of US investment banks outside London. Frankfurt shed jobs after the financial crisis and regional authorities think the influx of bankers from London may only take the city back to 2007 banking employment levels. Frankfurt is also vying to host the European Banking Authority once the EU agency leaves its London headquarters after Brexit. The British government fought keenly for the agency and its 150 jobs, created to supervise banks after the financial crash.

Source: The Guardian July 21, 2017 17:53 UTC