8,000 jobs will leave London for Frankfurt after Brexit. This is what you’ll earn there
The UK government has to vote in parliament to get Brexit over the line. Whether this will result in a reversal of the EU referendum result remains to be seen. The Labour Party is still in favour Brexit and it would be a big rebellion against Theresa May’s ‘Brexit means Brexit’ stance should the Conservatives not toe the line.
Regardless, Frankfurt is gearing up to receive more finance professionals from London. Specifically, according to new research German economic and financial think tank Heleba, 8,000 jobs are set to migrate from London to the German financial centre. This will be a slow gravitation, it says, starting in 2017 and with at least 2,000 roles moving across by the end of 2018.
Heleba believes that 5% of the 400,000 jobs in London – or 16,000 – will go elsewhere in Europe. Frankfurt will get half of the roles. It says the rest will likely be split between Paris, Dublin, Luxembourg and Amsterdam – or even some Eastern European locations.
Heleba’s predictions are based on a ‘soft’ Brexit being the most likely outcome and are a lot less severe than Oliver Wyman's predictions that up to 70,000 jobs could go. What’s more, it believes that the City will be able to restrict regulation after Brexit is complete, and jobs will return to the UK as a result.
So, assuming you’re about to be seconded to Frankfurt, it’s worth knowing what you’ll earn. Based on information from headhunters - Dirk Albütz of Fibance, Magdalena Bohn of MB Consulting, Angela Hornberg of Advance Human Capital, Enda Madden of Banking Consult, Sabrina Tamm of Financial Talents and Andreas Weik of Delta Maco – we’ve compiled the average investment banking pay in Frankfurt.
The figures below are base salary only. The range is broad, and includes corporate finance roles in Big Four firms at the bottom and large investment banks towards the top.