The Frankfurt region could gain up to 100 more jobs over the next four years, the majority of which outside the financial sector, following Brexit, Britain's exit from the EU. This is what emerges from a study carried out by the private institute Whu-Otto Beisheim School of Management on behalf of the Frankfurt Main Finance Association. Just over a year after the outcome of the referendum with which the United Kingdom decided to stay out of the EU, Frankfurt seems better positioned than the other candidates to attract financial institutions currently based in London. The investigation comes to the conclusion that job transfers in the financial sector will be accompanied by "a multiplier effect, which will lead to a growth in employment in other sectors as well".
In fact, according to 'conservative' estimates, another 10 jobs not in the financial sector in the city of Frankfurt alone could be added to the approximately 2021 additional jobs expected in the financial sector in the Frankfurt area by 21.300, but the 'most optimistic' scenario pushes estimates to as high as 88 non-financial jobs in the 'Rhine-Main' area, which extends to the borders of Bavaria and Baden-Wuerttemberg. Currently, the financial sector employs 13% of active workers in Frankfurt, compared to 15% in 2008, a drop due to the financial crisis. The increase in employment will also bring with it greater tax revenues, adds the study, which in the 'more' prudent' scenario foresees higher revenues for the city of Frankfurt of around 136 million euros a year and in the ' more optimistic around 191 million.
