As part of a wave that might see many financial institutions shift their focus from London to the Continent in the wake of the Brexit vote, the Japanese bank Sumitomo Mitsui confirmed in July that Frankfurt will be its new European base, said that it will set up both banking and securities units there, and – importantly – signed a lease on office space. Japan’s third-largest bank said that it is making this move, which will impact up to 1,000 employees currently in London, “to ensure that [it] can continue offering banking services to clients with no disruption once the UK leaves the EU.”
Two other Japanese banks, Daiwa and Nomura, have announced that they will open new, or expand existing, offices in Frankfurt.
Other banks that have said they plan to expand their presence in Frankfurt include Goldman Sachs, Citigroup and JPMorgan Chase. The Association of Foreign Banks estimates that more than 3,000 new jobs could be created in Frankfurt as a result of the Brexit decision.