Frankfurt, Germany has been the target of some of the world’s biggest banks in moving their office space there after months of separating talks between Britain and the EU.
Goldman Sachs is looking to lease 10,000 square meters of office space that will take up eight top floors of a new 37 story tower that is currently being built. 1,000 staff will be able to work there that would make it five times the current staff of 200. The company is looking to boost trading, investment banking, and asset management.
Morgan Stanley has also agreed to lease offices in a tower called the Omniturm that is currently being built. The 200 employees in Frankfurt right now is looking to be doubled.
JP Morgan wants to rent an additional two floors on top of the five it now occupies at a tower in the center of Frankfurt where they already have 450 employees.
Citi is also looking to add on 150 staff members.
These firms looking to expand is a result from growing concerns about the future of London’s financial center. 10,000 new bankers are expected to be added into the city within four years which would lead to tens of thousands of additional jobs ranging from building workers to estate agents.