Optimism that Frankfurt could profit has been dampened by the prospect of a Brexit compromise. REUTERS/Kai Pfaffenbach
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Frankfurt and Paris are set to see a trickle rather than a wave of London bankers arrive in 2018, with the prospect of a softer Brexit discouraging them from leaving Britain immediately, executives and lobbyists say. Both cities had been positioned to benefit as Britain prepares to leave the European Union, prompting London banks to seek a foothold elsewhere within the bloc in order to continue taking full advantage of the EU single market.France has stepped up efforts to attract London banks preparing for Brexit to Paris after the election of President Emmanuel Macron, who has begun to make more flexible labor laws and tax cuts.Among most recent announcements, Goldman Sachs Chief Executive Lloyd Blankfein said in November the bank would have hubs in Frankfurt and Paris after Brexit and that it would be up to staff to decide where they want to move to from London.Late last year, the Bank of England said it intended to spare them costly extra capital requirements after Brexit – an important move for international banks.
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