Frankfurt could be the new London

With 19 high-rise developments, the city hopes to attract banks formerly based in the UK
October 22, 2017 09:00AM

(Pixabay)

The German city is making a bid to become the next London following the post-Brexit exodus of companies from the UK financial hub.

Frankfurt re-positioning as the ideal location for banks and construction has already begun: 19 high-rise buildings are underway with 26 more in planning stages, according to Dezeen.

The new buildings are part of mixed-use developments which the city hopes will mean the lifestyle of living and working in Frankfurt will soon be able to compete against cultural hubs like Paris — a city also hoping to attract new companies as they flee the UK.

Well-known architects behind a handful of Frankfurt’s new flagship developments include BIG-Bjarke Ingels Group, UNStudio and Ole Scheeren.

With the third largest stock in exchange in Europe located in Frankfurt, the city has a strong case and some banks have already committed.

Those with expansion plans include Russian bank VTB, Woori Bank of South Korea, and Japanese banks Daiwa, Sumitomo Mitsui and Nomura, as Dezeen reported, with speculation that Standard Charter, Goldman Sachs and Morgan Stanley may follow suit.

According to Bloomberg, at least 3,000 jobs will move from the UK to Frankfurt.

[Dezeen] — E.K. Hudson