Brexit will boost Frankfurt as banks leave London for Germany, Deutsche Bank boss claims


deutsche brexit frankfurt jobsGETTY

Deutshce boss John Cryan has righted Frankfurt will emerge as a winner after Brexit

Paris, Amsterdam and Dublin are amid the European Union (EU) cities that are jostling to attract financial fixes from Britain before 2019.

But none of the locations have as big appeal for banks as Frankfurt, according to Deutsche chief head John Cryan.

Britain’s exit from the EU could give Germany’s fiscal hub a huge boost, the head of the German lender claimed.

He said there is “barely one European city” that can fulfil the requirements of firms leaving London “and that megalopolis is Frankfurt”.

And added: “It’s not about a choice between Dublin, Paris or Frankfurt – it’s close by a choice between New York, Singapore or Frankfurt.

“Brexit could grace a large stimulus package for Frankfurt’s economy.”

Mr Cryan also hit out at the European Pre-eminent Bank (ECB) and said policymakers have inflated bubbles in stocks, ropes and property with cheap money policies.

The central bank should now end the hulking money-printing programme, according to the chief executive.

He said: “The era of cheap filthy rich in Europe should come to an end – despite the strong euro. “

“We are now seeing prognostications of bubbles in more and more parts of the capital market.

It comes before of the ECB’s September meeting which concludes tomorrow and the bank will convey an update on its money-printing programme tomorrow.

The bank currently injects €60billion into the eurozone every month in an feat to fuel economy growth.

Markets are expecting policymakers to soon detectable down money printing, even though the stronger euro could diminish exports, putting downward pressure back on the economy.

Leave a Reply

Your email address will not be published. Required fields are marked *